Across
- 3. (four words) A measure of how much the quantity supplied changes in response to a change in price.
- 4. (two words) Goods for which demand increases as income rises.
- 6. (two words) The sum of consumer surplus and producer surplus, representing total welfare in a market.
- 7. A financial assistance provided by the government to reduce the cost of production.
- 12. A measure of the responsiveness of quantity demanded or supplied to a change in price.
- 15. (four words) A measure of how much the quantity demanded changes in response to a change in income.
- 17. (two words) The difference between the price producers receive and the minimum price they are willing to accept.
- 24. The point where quantity demanded equals quantity supplied in a market.
- 26. (two words) A state where production occurs at the lowest possible average cost.
- 27. (two words) A situation where the free market fails to allocate resources efficiently.
- 28. (two words) Goods for which demand decreases as income rises.
- 30. The basic economic problem where resources are limited but wants are infinite.
- 31. (two words) The difference between what consumers are willing to pay and what they actually pay.
- 34. (three words) A tax imposed as a percentage of the price of the good.
- 35. A cost or benefit affecting third parties not directly involved in a transaction.
Down
- 1. (four words) A measure of how much the quantity demanded of one good changes in response to a change in the price of another good.
- 2. (two words) A state where resources are allocated to produce the combination of goods and services most desired by society.
- 5. (four words) A measure of how much the quantity demanded changes in response to a change in price.
- 8. (two words) The additional cost incurred from producing one more unit of a good.
- 9. (two words) A minimum price set by the government to prevent prices from falling below a certain level.
- 10. (two words) Goods that are non-excludable and non-rivalrous in consumption.
- 11. (two words) The loss of economic efficiency when the equilibrium outcome is not achieved.
- 13. (two words) Goods that are under-consumed if left to the free market due to information failure.
- 14. (two words) A benefit received by third parties from an economic transaction.
- 16. (two words) A cost imposed on third parties from an economic transaction.
- 18. (two words) A maximum price set by the government to prevent prices from rising above a certain level.
- 19. (two words) A fixed amount of tax imposed on a product per unit sold.
- 20. The satisfaction or benefit gained from consuming a good or service.
- 21. The quantity of a good or service consumers are willing and able to buy at different prices.
- 22. (two words) A person who benefits from a good or service without contributing to its cost.
- 23. (two words) The additional benefit received from consuming one more unit of a good.
- 25. The optimal allocation of resources to maximize output and welfare.
- 29. (two words) The value of the next best alternative foregone when making a decision.
- 32. The quantity of a good or service producers are willing and able to sell at different prices.
- 33. A compulsory financial charge imposed by the government on individuals or firms.