Description

the difference between the value to the consumer of the quantity of commodity x purchased and the amount that the market requires the consumer pay for that quantity of x.
of a quantity of a good to a consumer (measured in money terms) is the maximum amount of money that he or she is willing to give up in exchange for it.
of a commodity to a consumer (measured in money terms) is the maximum amount of money that she or he is willing to pay for one more unit of that commodity
a commodity whose quantity demanded falls when the purchaser's real income rises, all other things remaining equal.
a lower price generally increases the amount of a commodity that people in a market are willing to buy and also tends to increase the number of buyers. Therefore, for most goods, market demand curves have negative slopes.
a method for calculating optimal choices - the choices that best promote the decision maker's objective. It works by testing whether, and by how much, a small change in a decision will move things toward or away from a goal.
shows how the total quantity of some product demanded by all consumers in the market during a specified period of time changes as the price of that product changes, holding all other things constant.
graphically represents all possible combinations of two commodities that it can purchase by a household, given the prices of the commodities and some fixed amount of money.
connects all combinations of the commodities that are equally desirable to the consumer.
the amount of one commodity an individual must give up to obtain one additional unit of another commodity without any change in the amount of money spent.
the maximum amount of one commodity a consumer is willing to give up in exchange for one more unit of another commodity; also referred to as the marginal rate of substitution.
if an increase in the quantity consumed of one increases the quantity demanded of the other, all other things remaining constant.
for product X to a change in the price of another product, Y, is the ratio of the percentage change in quantity demanded of X to the percentage change in the price of Y that brings about the change in quantity demanded.
the ratio of the percentage change in quantity demanded to the percentage change in price that brings about the change in quantity demanded.
a given percentage change in price leads to a larger percentage change in quantity demanded.
a given percentage change in price leads to a smaller percentage change in quantity demanded.
a given percentage change in price leads to the same percentage change in quantity demanded.
the ratio of the percentage change in quantity demanded to the percentage change in income.
is the one that best serves the objectives of the decision maker, whatever those objectives may be. It is selected by explicit or implicit comparison with the possible alternative choices. The term optimal connotes neither approval or disapproval of the objective itself.
if an increase in the quantity consumed of one cuts the quantity demanded of the other, all other things remaining constant.

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Frequently Asked Questions

What is a crossword?

Crossword puzzles have been published in newspapers and other publications since 1873. They consist of a grid of squares where the player aims to write words both horizontally and vertically.

Next to the crossword will be a series of questions or clues, which relate to the various rows or lines of boxes in the crossword. The player reads the question or clue, and tries to find a word that answers the question in the same amount of letters as there are boxes in the related crossword row or line.

Some of the words will share letters, so will need to match up with each other. The words can vary in length and complexity, as can the clues.

Who is a crossword suitable for?

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Crosswords can use any word you like, big or small, so there are literally countless combinations that you can create for templates. It is easy to customise the template to the age or learning level of your students.

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Are crosswords good for students?

Crosswords are a great exercise for students' problem solving and cognitive abilities. Not only do they need to solve a clue and think of the correct answer, but they also have to consider all of the other words in the crossword to make sure the words fit together.

Crosswords are great for building and using vocabulary.

If this is your first time using a crossword with your students, you could create a crossword FAQ template for them to give them the basic instructions.

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