Across
- 4. punishment given to induce a person to act
- 6. impact of one person/firm on well-being of bystander
- 7. reward given to induce a person to act
- 10. study of how society manages its scarce resources
- 13. market fails to allocate resources efficiently
- 14. limited resources prevent the production of all goods and services people wish to have
Down
- 1. what you give up to obtain an item
- 2. amount of goods/services produced from an hour of worker's time
- 3. increase in overall level of prices
- 5. benefits of resources split fairly among society
- 8. getting the most out of scarce resources
- 9. single person/firm greatly influence market prices, may lead to gov't intervention
- 11. small, incremental changes made to an existing plan
- 12. economy that gives resources through decentralized decisions by firms and households