Markets, Prices, and Scarcity Crossword Puzzle

QUESTIONS LIST:

• productive: the kind of efficiency which occurs when more of good 1 can't be made without making less of good 2.
• allocative: the kind of efficiency which occurs when the right combination of goods and services is made to maximise social welfare.
• positive: a statement that is testable, even if false.
• normative: a statement that is not testable because it contains a value judgement.
• complements: a pair of goods with a cross-elasticity of demand below 0.
• disequilibrium: what occurs when the quantity supplied is not equal to the quantity demanded.
• inferior: a type of good for which income elasticity of demand is negative.
• scarcity: the source of the basic economic problem - there's not enough stuff!
• opportunity: the 'cost' involved with forgoing good options in order to make an alternative decision.
• habit: a behavioural reason why demand may be price inelastic.
• smith: adam _ , whose book 'the wealth of nations' laid the groundwork for much economic theory.
• benevolence: a quality of bakers, etc, on which we do not rely for the provision of our dinner.
• ceteris: what is 'paribus' when we draw a demand curve.
• notional: the kind of demand not backed with ability to pay.
• extension: a movement along a curve when the quantity rises.