Introduction (Microeconomics)

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Across
  1. 1. There are inequalities of income in our economy, Identify the type of economics.
  2. 5. is the value of next best alternative forgone.
  3. 7. Due to severe earthquake, a lot of people died and many factories are destroyed, therefore PPC will shift______.
  4. 9. In this economy central problems are solved by the price mechanism.
  5. 10. Study of how societies use scarce resources to produce valuable commodities.
Down
  1. 2. limited resources in relation to unlimited wants.
  2. 3. The problem of 'how to produce' involves choice between consumer goods and capital goods. True or False
  3. 4. When MOC Decreases PPC is ______ to the Point of Origin.
  4. 6. When MOC increases PPC is _____ to the point of Origin.
  5. 8. Economy can never operate outside the production possibilties frontier with the given resources and technology. True or False
  6. 9. is defined as the amount of sacrifice of commodity to gain an additional unit of another commodity.