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Global Economics

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Across

Down

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market dominated by one seller

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unlimited wants

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sacrifice when we make a decision

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graph of demand chart

9

discourages competition

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fixed costs and variable cost

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actions or activities performed

14

shows different ways to use economy's resources

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goods used in place of each other

17

graph that shows the highest possible output

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amount of goods available

20

product of labor decreases

22

change in real income

23

willing and able to supply

25

consumers demand less

26

land, labor, or capital

28

right to sell a good

29

graph that shows suppliers at different prices

31

two goods that you buy that goes together

32

consumers reactions

33

hiring one more unit

34

product of labor increases

37

given up as the result of a choice

44

average cost per unit fall as output rises

47

unavailable goods

1

1

percentage of labor force

2

additional income

3

Latin phrase 'held constant'

4

chart that lists supplier will offer at various prices

5

makes it harder for new firms

12

demanded and supplied is equal

13

products similar but not identical

16

fewer resources

18

highest price

21

affects the making of a good

24

market basket and typical urban consumer

27

desire to have and buy something

30

total value and dollar value

35

consumers demand more

36

offer more of a good at higher prices

37

large firms dominate a market

38

allocating scare goods and using criteria

39

prices increase

40

firm gets by selling goods

41

supplied and demanded not equal

42

resources increase the production of goods

43

producing one more unit

44

quantity demanded is more than supplied

45

financial and opportunity costs

46

quantity supplied is more than demanded (surplus)

1

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