Economics Vocabulary

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Across
  1. 4. shared ownership between specific shareholders and limited liability
  2. 6. one firm controls the market, difficult entry
  3. 9. firms work together for advantages - informal
  4. 11. benefit received from an item
  5. 13. a firm benefits more than what they intended from something
  6. 14. high competition, easy entry, similar products
  7. 17. price set by a firm, no competition
  8. 18. fluctuations in price due to external factors
  9. 19. a private good with positive externalities
  10. 22. advantages obtained by a firm's scaled operation, measured by their output and profit
  11. 23. company that owns smaller side firms that supply different goods
  12. 24. low competition and ease of entry
  13. 26. how much consumers are willing to pay (marginal benefit)
  14. 29. inaccurate, incomplete or misunderstood information
  15. 30. payment made to an individual or company for the ongoing use of their assets
  16. 31. a good made to produce the final consumer good
  17. 32. market with face-to-face transactions
  18. 34. strategy that allows a company to streamline its operations by taking direct ownership of various stages of its production
  19. 35. strategy in which one company grows its operations at the same level in an industry,buying out competitors
Down
  1. 1. market shares are concentrated to a small number of firms
  2. 2. inability to move or reallocate resources
  3. 3. market with online transactions and
  4. 5. cost of producing one extra unit of output
  5. 7. changing one factor of production while holding all others constant will cause output to increase, then fall
  6. 8. how much producers are willing to sell something for (marginal cost)
  7. 9. a group of firms fix prices - formal agreement
  8. 10. policies created to control national cash flow
  9. 12. high competition, easy entry, identical products
  10. 14. a fusion of companies to form one legal entity, splitting their resources, customers and scale of operations
  11. 15. policies that control growth and expenditure
  12. 16. anyone can buy shares and limited liability
  13. 18. only one buyer
  14. 20. humans act in their own interest to the peril of society due to a lack of property rights
  15. 21. differences in welfare, opportunity, etc.
  16. 25. cost of everything that goes into producing one unit of output
  17. 27. indirect impacts of production felt by a third party
  18. 28. consumers and competition affect prices
  19. 33. a private good with negative externalities