Across
- 2. The lowest hourly wage rate that firms may legally pay their workers.
- 7. The product the firm creates.
- 8. __________ loss- Is the decrease in economic activity caused by market distortions.
- 9. __________ Monopoly- When a single large firm has lower costs than any potential smaller competitor.
- 10. When total revenue is higher than total cost.
- 14. ________ Economics- The field of economics that draws on insights from experimental psychology to explore how people make economic decisions.
- 17. A form of market structure that exists when a small number of firms sell a differentiated product in a market with high barriers to entry.
- 19. _______ Good- Both excludable and rival in consumption.
- 20. Is the study of how individuals and societies allocated their resources to satisfy their nearly unlimited wants.
- 22. The difference between the price the firm charges and the marginal cost of production.
- 24. A situation in which there is only one buyer.
- 26. A personal unit of satisfaction used to measure the enjoyment from consumption of a good or service.
- 28. _______ Cost- Cost that do not vary with output in the short run.
- 29. _________ Good, Is purchased out of necessity rather than choice.
- 31. Unrecoverable costs that have been incurred as a result of past decisions.
- 33. Product ______ - The process firms use to make a product more attractive to potential customers.
- 34. __________ to Sell- Is the minimum price a seller will accept to sell a good or service.
- 35. The costs or benefits of a market activity that affect a third party.
- 38. ______Paribus: Means "all else equal".
- 39. An industry consisting of only two firms
- 42. No control over the price set by the market.
- 45. A branch of mathematics that economists use to analyze the strategic behavior of decision-makers.
- 46. Occurs at the point where the demand curve and the supply curve intersect.
- 47. Is the study of the individual units that make up the economy.
- 48. _______ ______ Disrimination- When a firm sells the same good or service at a unique price to every customer.
- 49. Refers to the limited nature of society's resources, given society's unlimited wants and needs.
Down
- 1. Some control over the price it charges.
- 3. Are factors that motivate a person to act or exert effort.
- 4. _______ Production,The change in output associated with one additional unit of an input.
- 5. _______ Competition - A type of market structure characterized by low barriers to entry, many different firms, and product differentiation.
- 6. _______ Cost- Cost change with the rate of output.
- 11. Help produce other valuable goods and services in the future.
- 12. Total _______- the amount a firm receives from the sale of goods and services.
- 13. Illegal markets that arise when price controls are in place.
- 15. _______ Profit, Calculated by subtracting the explicit costs from total revenue.
- 16. ________ fallacy- The belief that recent outcomes are unlikely to be repeated and that outcomes that have not occurred recently are due to happen soon.
- 18. ________ Hand
- 21. Price _______- When a firm sells the same good or service at different prices to different groups of customers.
- 23. Is the limiting of one's work to a particular area.
- 25. Occurs whenever the Qs is less than the Qd.
- 27. Refers to the burden of taxation on the party who pays the tax through higher prices, regardless of whom the tax is actually levied on.
- 30. __________ Economics- Is the branch of economics that studies how the allocation of resources affects economic well-being.
- 32. ______-______ Problem- When those not directly involved in a market activity experience negative or positive externalities.
- 36. ______ Antitrust Act- The first federal law to place limits on cartels and monopolies.
- 37. a measure of the responsiveness of buyers and sellers to changes in price or income.
- 40. Is a model that illustrated the combination of outputs that a society can produce if all of its resources are being used efficiently.
- 41. Is a payment made by the government to encourage the consumption or production of a good or service.
- 43. ________ of Demand
- 44. The percentage of the population whose income is below the poverty threshold.
- 50. Marginal ______- The increase in cost that occurs from producing one additional unit of output.