Across
- 3. anything that a consumer demands less of if they have a higher level of real income.
- 5. the degree to which a good, service or resource can be limited to only paying customers,
- 7. business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises.
- 13. The forecast or the view of economic agents about the future values of economic variable
- 14. economic theory that states that individuals use up resources shared by many to benefit themselves.
- 15. a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.
- 16. competition is limited, allowing every firm to operate successfully.
Down
- 1. a type of market structure where many companies are present in an industry, and they produce similar but differentiated products
- 2. . Small producers sell nearly identical products for very similar prices.
- 4. the total amount of money brought in by a company's operations, measured over a set amount of time
- 6. as the price of a good or service rises, suppliers are eager to offer more of it, aiming to increase their profits.
- 8. when production and/or consumption impose external costs on third parties outside of the market for which no appropriate compensation is paid
- 9. the economic situation defined by an inefficient distribution of goods and services in the free market.
- 10. it is costly or impossible for one user to exclude others from using a good
- 11. federal laws that help conduct and organize businesses to prevent unjustified monopolies.
- 12. a type of goods whose demand shows a direct relationship with a consumer's income
- 17. the money you have left after paying for business expenses