Across
- 3. Which economist popularized the concept that central planners cannot possess the dispersed and tacit knowledge that individuals have about their own preferences and circumstances?
- 5. Which economist, associated with the Cambridge School, revolutionized the understanding of macroeconomics, particularly during periods of recession, and laid the foundation for Keynesian economics?
- 6. What economic theory, developed in the late 19th century, focused on small changes and their impact on value, price, and resource use?
- 7. Who are seen as individuals who identify opportunities, innovate, and bear risks to bring new products and services to the market?
- 9. Which economist, a key figure in the Cambridge School, is known for his contributions to welfare economics and the analysis of market failures, and extended Marshall's work into public economics?
Down
- 1. Which school of economics, associated with the University of Lausanne in Switzerland, was influential in the development of neoclassical economics, particularly in marginal utility, general equilibrium theory, and welfare economics?
- 2. Which economist, in 1871, argued that value depends on marginal utility, not labor, shaping price through consumer satisfaction?
- 4. Which economist, a founder of the Austrian School, in 1871, stressed that value is subjective, based on individual preferences and marginal utility?
- 8. What is the term for the additional revenue gained from selling one more unit, and firms produce until it equals marginal cost?