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Across 5. Impose an official ban on (trade or a country or commodity). 6. Economic situation defined by an inefficient distribution of goods and services in the free market. (2 Words) 7. Amount of some good or service consumers are willing and able to purchase at each price 8. Lowest price that can legally be set (2 Words) 10. A product or service that can be easily replaced with another. 13. Services such as national defence, law enforcement, and road building, that are for the benefit of, and available to, all members of the public (2 Words) 16. Country can produce a good at a lower cost than another (2 Words) 17. to plan allotment of funds, time etc 18. An economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. 24. Insufficiency or shortness of supply 25. Rules that limit who can enter a business (entry controls) and what prices they may charge (price controls). 26. Limited resources and infinite demands, society needs to determine how to produce and distribute these relatively scarce resources (3 Words) 31. A capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand. (2 Words) 35. Goods that are consumed together. (2 Words) 36. Ratio of export prices to import prices (3 Words) 38. Trade diversion occurs when tariff agreements cause imports to shift from low-cost countries to higher cost countries. (2 Words) 39. A commodity or service, such as education, that is regarded by society or government as deserving public finance. (2 Words)

Down 1. Currency devaluation will only lead to an improvement in the balance of payments if the sum of demand elasticity for imports and exports is greater than one (3 Words) 2. A value judgment about whether a situation is desirable or undesirable. (2 Words) 3. A branch of economics dealing with particular aspects of an economy, as the price-cost relationship of a firm. 4. A period or process of slowing the rate of inflation. 9. When consumers and producers misperceive relative prices and costs. (2 Words) 11. Measures the maximum output of two goods using a fixed amount of input. 12. Spending on capital goods such as new factories & other buildings machinery & vehicles. 14. Statements that can be tested, amended or rejected by referring to the available evidence. (2 Words) 15. Reduction of the general level of prices in an economy. 19. State in which economic forces are balanced. 20. An open place or a covered building where buyers and sellers convene for the sale of good 21. The money or other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative 22. There's a lack of symmetric information prior to a deal between a buyer and a seller. (2 Words) 23. An exchange rate that is officially controlled by the issuing country rather than determined by the world currency market conditions (3 Words) 27. Asymmetric information between two parties and a change in the behaviour of one party after a deal is struck. (2 Words) 28. An economic term for the division of a tax burden between buyers and sellers 29. Groups of countries in specific regions that manage and promote trade activities . (2 Words) 30. An official lowering of the exchange value of a country's currency relative to gold or other currencies. 32. The amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace. 33. A doctrine holding that changes in the money supply determine the direction of a nation's economy. 34. An increase or decrease in the supply of one good leads to an increase or decrease in supply of a by-product. (2 Words) 36. A tax or duty to be paid on a particular class of imports or exports. 37. Items that give real value to a firm or an investor.