All About Economics Crossword Puzzle

QUESTIONS LIST:

• supply : the entire relationship between the price of a good and the quantity supplied of it when all other influences on producers' planned sales remain the same
• normal good : a good for which demand increases as income increases
• oligopoly : an industry with only a few firms
• law of demand : the law which states that, other things remaining the same, the higher the price of a good, the smaller is the quantity demanded of it, and vice versa.
• utility : a measure of happiness that economists suppose people use to compare all possible things that they may experience
• monopoly : a firm that has no competitors in its industry
• demand curve : a line on a graph that represents how much of a good or service buyers will consume at various prices
• law of supply : the law which states that, other things remaining the same, the higher the price of a good, the greater is the quantity supplied of it, and vice versa.
• equilibrium price : the price at which the quantity demanded equals the quantity supplied
• inflation : when the overall level of prices in the economy is rising.
• quantity demand : the amount of a good or service that consumers plan to buy during a given time period at a particular price
• deflation : when the overall level of prices in the economy is falling
• fixed costs : costs that have to be paid even if a firm isn't producing anything
• perfect competition : a situation where numerous small firms producing identical products compete against each other in a given industry
• opportunity cost : the value of the next best alternative thing you could have done
• demand : the entire relationship between the price of a good and the quantity demanded of it when all other influences on buyers' plans remain the same.
• capital : machines, factories, and infrastructure used to produce output
• gdp : the market value of all final goods and services made within the borders of a country in a year.