Across
- 3. A graph or curve showing the different quantities of a product that consumers are willing and able to purchase at each possible price.
- 5. The absolute price of a product without taking inflation into account.
- 6. "The study of how individuals, firms, and societies use their limited productive resources to best satisfy their unlimited material wants."
- 9. The price of a product relative to the aggregate price index; the price adjusted for inflation.
- 12. Economic analysis that studies questions of what should be.
- 16. "Goods that can be used in place of each other (e.g., Coke and Pepsi)."
- 17. A good for which consumer demand increases when consumer income decreases.
- 18. "A set of buyers and sellers who, through their actual or potential interactions, determine the price."
- 20. A state when supply and demand are equal to each other (Qd=Qs=Qe).
Down
- 1. "Goods that are usually consumed together (e.g., a car and gasoline)."
- 2. "Human effort and talent, physical and mental."
- 4. "Another name for the equilibrium price, which is the price at which the intentions of buyers and sellers coincide."
- 7. The economic analysis that focuses on the change in benefits and costs from a single additional unit of an action.
- 8. A graph or curve showing the different quantities of a product that producers are willing and able to offer for sale at each possible price.
- 10. The value of the second best option that you sacrifice in order to choose the better economic choice.
- 11. "The branch of economics that studies the behavior of consumers, firms, workers, and investors of individual economic units."
- 13. An indicator of the aggregate price level.
- 14. "Other things being equal, if the price of a product or service increases, the demand for the product decreases."
- 15. Economic analysis that describes cause and effect relationships.
- 19. Costs that have already been incurred and cannot be recovered; they will not affect future decisions.