Across
- 2. goods that consumers demand less of when their incomes rise
- 5. measures the responsiveness of demand to a change in price
- 6. unlimited wants and finite resources, leading to the need to make choices
- 9. a negative effect of production/consumption borne by a third party
- 10. money given by the government to producers to encourage production
- 11. quantity demanded exceeds quantity supplied
Down
- 1. the value of the next best alternative foregone
- 3. goods consumed together
- 4. goods in competitive demand
- 7. who takes advantage of a common resource without paying for it
- 8. tax on expenditure
- 12. private benefits + external benefits