Across
- 3. Goods that can replace each other; an increase in the price of one leads to an increase in demand for the other.
- 5. The difference between what producers are willing to accept for a good and what they actually receive.
- 6. A market structure characterized by a few firms dominating the market, leading to limited competition.
- 9. The point at which the quantity demanded equals the quantity supplied in a market.
- 12. The graphical representation showing how much of a good producers are willing to sell at different prices.
- 15. A type of good for which demand increases as consumer income rises.
- 16. The principle that as more units of a variable input are added to fixed inputs, the additional output produced will eventually decrease.
- 21. A decrease in the general price level of goods and services, often associated with reduced consumer spending.
- 26. A market structure characterized by many buyers and sellers, where no single buyer or seller can influence the market price.
- 28. Costs or benefits incurred by third parties who did not choose to incur those costs or benefits.
- 29. An agreement between competing firms to control prices or limit production to increase profits.
- 32. Costs that do not change with the level of output produced by a business.
- 34. A situation in which the quantity supplied exceeds the quantity demanded at a given price.
- 36. Goods that are often used together, where the demand for one increases the demand for the other.
- 38. A pricing strategy where businesses adjust the prices of their products or services in real-time based on current market demand, competition, and other external factors.
- 39. A long-term movement or shift in consumer preferences and purchasing behavior over time, reflecting changes in tastes, income levels, and societal influences that affect how much of a product or service consumers are willing to buy.
- 40. The total demand for all goods and services in an economy at various price levels during a specific time period.
- 43. The study of how economic activity affects social welfare, focusing on resource allocation and distribution of wealth.
- 46. A table that shows the relationship between the price of a good and the quantity supplied.
- 47. The process of distributing available resources among various uses or sectors in an economy.
- 48. A measure of how much the quantity demanded of a good responds to changes in consumer income.
- 49. A situation where supply and demand are not balanced, leading to either surplus or shortage.
- 50. The state where supply equals demand, resulting in a stable market price.
- 51. A maximum allowable price set by government regulation to prevent prices from rising too high.
- 52. The principle stating that, all else being equal, an increase in the price of a good will increase the quantity supplied.
Down
- 1. A type of luxury good where demand increases as price increases because it serves as a status symbol.
- 2. A market structure where a single seller dominates the market, often leading to higher prices and reduced output.
- 4. A measure of how responsive the quantity supplied is to a change in price.
- 7. The cost of forgoing the next best alternative when making a decision.
- 8. A good for which demand increases more than proportionately as income rises.
- 10. The maximum price a consumer is willing to pay for a good or service.
- 11. The difference between what consumers are willing to pay for a good and what they actually pay.
- 13. A graphical representation showing the relationship between the price of a good and the quantity demanded.
- 14. A measure of how much the quantity demanded or supplied of a good responds to changes in price.
- 17. The lowest price that can be charged for a good or service, often set by government regulation.
- 18. The organizational and other characteristics of a market that influence the nature of competition and pricing.
- 19. The total supply of goods and services available to a particular market from all producers at various price levels during a specific time period.
- 20. The phenomenon where the demand for two or more goods is interconnected, meaning that an increase in the demand for one good leads to an increase in the demand for its complementary goods.
- 22. The percentage increase in the general price level of goods and services over time.
- 23. An increase in the production of goods and services over a specific period, usually measured by GDP growth rate.
- 24. The total cost incurred by a company to produce a specific quantity of a product.
- 25. A situation where the allocation of goods and services is not efficient, often due to externalities or public goods.
- 27. A type of good for which demand increases when consumer incomes fall.
- 30. A firm or individual that must accept prevailing prices in the market; they cannot influence prices due to their small size relative to the market.
- 31. A field of economics that incorporates psychological insights into human behavior to explain economic decision-making.
- 33. Goods that are non-excludable and non-rivalrous, meaning they can be consumed by many without reducing availability to others.
- 35. A table that shows the relationship between the price of a good and the quantity demanded.
- 37. A type of inferior good for which an increase in price leads to an increase in quantity demanded due to the income effect outweighing the substitution effect.
- 41. An economic condition characterized by slow growth, high unemployment, and high inflation simultaneously
- 42. The additional satisfaction or benefit received from consuming one more unit of a good or service.
- 44. A firm or individual that has some control over the price it charges due to its significant market share or product differentiation.
- 45. A situation where the quantity demanded exceeds the quantity supplied at a given price.