Extreme Eco Challenge 2021

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Across
  1. 3. type of economic analysis that prescribes how entire economy should operate
  2. 5. Single market player benefits the most
  3. 7. know relationship between 2 economic variables is determined that other variables are not changing
  4. 8. a market condition when a firm is the sole purchaser of a good
  5. 9. sells a product or service with no close substitutes
  6. 10. wage that makes you indifferent from being employed or not
  7. 13. the effect of a change in price will make a consumer substitute a cheaper good for an expensive good
  8. 14. a quality of a public good that is inclusive and collective.
  9. 16. study of the behavior of countries and how its policies affect the economy as a whole
  10. 18. Information is considered as this when information is distributed unevenly among buyers and sellers
  11. 21. when total cost is subtracted from total revenue
  12. 22. difference between consumers’ willingness to pay for a given quantity of good and amount that consumer actually pays
  13. 23. Situations when the market system fails to realize the provision of optimal welfare
  14. 24. consequence of limited resources and expanding human wants
  15. 27. long run average cost of production declines
  16. 28. group of producers that collusively determine the price and output in the market with the intention of maximizing total profits of the industry
  17. 29. a type of variable that the model tries to explain
  18. 30. explains why higher amount of this would mean lower levels GDP per capita
Down
  1. 1. two firms produce a particular product
  2. 2. a model that assumes one firm will play an aggressive role in the market and the other firm will play a passive role
  3. 4. shifts the supply curve to the left because it makes selling of product or service costlier
  4. 6. normal profit that can be earned in other enterprises
  5. 11. all accounting costs and opportunity costs are included
  6. 12. maximum price set for selling a product or service
  7. 15. In a ________ market, firms are price takers
  8. 17. one of the 4 GDP indicators of openness
  9. 19. maximum production with the minimum cost
  10. 20. minimum price set for selling product or service
  11. 25. spillover effects on third parties of private market transactions
  12. 26. excess of payment over the opportunity costs of enabling this unique talent into marketable use