Microeconomics Crossword Puzzle

QUESTIONS LIST:

• price mechanism: price determined by the forces of supply and demand in competitive markets
• social surplus: the sum of consumer and producer surplus
• normal good: when demand for it increases in response to an increase in consumer income
• market demand: the sum of all individual demands for a good
• law of supply: as the price of a good increases, the quantity of that good/service that suppliers offer will increase
• utility: satisfaction that consumers gain from consuming something
• producer surplus: the price received by firms for selling their good minus the lowest price that they are willing to adopt to produce the good
• income effect: describes how an increase in income can change the quantity of goods that consumers will demand
• market supply: the sum of all individual firms' supplies for a good
• supply: describes the total amount of a specific good provided to the market for consumption
• surplus: describes a level of a good that exceeds the portion used
• substitutes: goods that satisfy a similar need
• competition: a process in which rivals compete to achieve some objective