Introduction to Microeconomics Crossword Puzzle

QUESTIONS LIST:

• scarcity: situation where available resources are limited
• opportunity cost: value of the best alternative not chosen
• economic models: simplified descriptions of reality to predict behaviors
• supply and demand: forces that determine prices in a market
• market equilibrium: point where the quantity demanded equals the quantity supplied.
• elasticity: measure of how quantity demanded or supplied responds to price changes.
• utility: satisfaction or benefit a consumer gets from a good or service.
• budget constraint: spending limit based on available income.
• production: process of converting inputs into goods and services.
• perfect competition: market where there are many buyers and sellers, and none can influence the price.
• monopoly: market with a single seller that controls the price.