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Economics Chapters 1 - 3

Across
Describes elasticity of demand when consumers are relatively unresponsive to price changes.
Any mechanism by which buyers and sellers negotiate an exchange.
Utility is the total amount of ____________ that is gained from consuming a good or service.
The increase in the cost that results from an action.
Opportunity Cost is not always cash and is not always easy to ________.
Examination of the costs and benefits of certain activities.
One source of economic growth is an increase in the _______ of resources.
The responsiveness of quantity to a change in price.
Occurs when price is above equilibrium.
Anything that is consumed directly or used to make things that will ultimately be consumed.
What you are giving up to do what you are doing.
Describes elasticity of demand when consumers are relatively responsive to price changes.
Down
The shortage of something that is in demand.
The study of the allocation and use of scarce resources to satisfy unlimited human wants.
One source of economic growth is an increase in the ___________ of resources.
Price elasticity of demand is important to producers because it will help them determine how a change in price will affect their total _________.
Economic model that relates the amount of different goods that can be produced in a fully employed society. (abbreviation)
The increase in the benefit that results from an action
A Production Possibility Frontier is a simple way to show this concept.
Curve that illustrates the amount of goods that customers want to buy at a particular price
Point where price and quantity demanded and supplied come together (intersect).
Occurs when price is below equilibrium.
Curve that illustrates the amount of goods that the supplier wants to sell at a particular price.