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Market failure crossword

Market failure crossword

Let your classes enjoy this revision crossword, perfect for a Friday afternoon or the last week of term.  Students can have fun and learn at the same time with this exercise - answers included.

Across

3. An economic system that is part free market and part planned.

4. The sector of the economy that includes private businesses and large corporations.

6. When the revenue collected by governments in taxes is insufficient to meet its spending commitments.

7. Typically occurs when MSB≠MSC. 

11.The addition cost paid by society when a good is produced. 

12. Represents the utility gained by an individual when they consume a good or service.

13. When the revenue collected in taxation by governments > than its spending commitments.

14. The cost paid by an individual when they consume a good or service.

15. An example might be a public service such as education or medical services but not the military or defence.

16. The result of a good being either under or over consumed by the market because of information failure.

Down

1. An economic system where the consumer is always sovereign.

2. Examples include alcohol, private cars or tobacco products.

4. Spending by the government on public services and transfer payments.

5. Using resources in the best way possible.

8. When one firm is the only business in the industry.

9. The sector of the economy controlled by the government but owned by the public.

10. The benefits enjoyed by the whole society when a good or service is consumed.

Answers:

Across

3. Mixed economy

4. Private sector

6. Budget deficit

7. Market failure

11. Social cost

12. Private benefits

13. Budget surplus

14. Private cost

15. Merit good

16. Externalities

Down

1. Free market

2. Demerit goods

4. Public expenditure

5. Efficiency

8. Monopoly

9. Public sector

10. Social benefits

Market failure crossword: Unit 2.8-2.10 Crossword