Across
- 7. elasticity of demand is to measure the sensitivity of changes in the quantity demanded for a product due to change in the price of a related product
- 8. sustained increase in the general price level of goods and services
- 9. the best alternative that we forgo
- 10. a law that bars trade with another country
- 12. the condition in which resources available are not enough to meet all wants
- 15. law of supply states that an increase in price results in an ........... in quantity supplied
Down
- 1. considers the performance of the economy as a whole
- 2. relationship between price and quantity demanded
- 3. interest rate the central bank charges on loans to banks
- 4. study individual economics decisions
- 5. a tariff imposed on imports based on the value of the import
- 6. market structure that sells differentiated goods
- 11. in the long-run,we only has .......factors
- 13. cost that independent of output
- 14. given a constant opportunity cost, production possibilities curve will be?