Across
- 2. an economy to achieve the maximum quantity of output from a given quantity of productive efficiency
- 7. the overuse or destruction of a common property good because it has no price and so market do not ration its consumption
- 8. indirect costs and benefits associated with the production and consumption of certain goods and services that the market fails to take into account
- 9. productive resources are used in the economy in combinations that generate maximum benefits for consumers and the country.
- 15. large number of buyers and sellers are exchanging similar but not identical products
- 16. the market situation in which a small number of firms are selling similar but not identical products
Down
- 1. a process of imposing a set of government laws and rules on a market
- 3. a price fixed by the government at a lower level than what would be established by the free operation of the price mechanism
- 4. a good or service produced in sufficient quantities because individuals don't value them highly enough to pay for them, a private good with positive externalities
- 5. a theoretical market structure in which buyers and sellers trade a homogenous product, there are no barriers to entering the market and all producers are price takers
- 6. an economy to respond to changing consumer demands by reallocating resources to new industries or production processes
- 10. a private good with negative externalities
- 11. a price fixed by the government at a higher level than what would be established by the free operation of the price mechanism
- 12. the inability of the market to determine the use and allocstion of resources in the way society most desires
- 13. goods such as national defence and can be easily consumed by people that are not paying for the good
- 14. the market situation in which one seller sells a product for which there is no close substitute allowing it to be the price setter