ECONOMICS FOR THE IB DIPLOMA: CROSSWORDS

Name Date

Chapter 3 and Chapter 4 Puzzle 1 - Core (SL and HL)

ACROSS
3 Responsiveness of demand when there is change in income
7 Measures change in quantity supplied given a change in price
11 Legal minimum or maximum price set by the government
14 Elasticity value less than one when price changes
15 Elasticity value for a vertical demand or supply curve
17 Relationship between consumer income and demand for a product
18 A measure of how a variable changes in response to another variable
21 Elasticity value less than one when income changes

1
Economics for the IB Diploma - Tragakes & Rock-Lacroix © Cambridge University Press 2021
 ECONOMICS FOR THE IB DIPLOMA: CROSSWORDS

22 A type of price floor intended to support incomes of unskilled workers

24 A good that is essential to maintaining a certain standard of living
26 A good made by labour working with capital

DOWN
1 Measures the change in quantity demanded given a change in price
2 Arises from resource misallocation
4 A good that is not essential
5 Price set below the equilibrium market price
6 Price set above the equilibrium market price
8 Elasticity value greater than one when income changes
9 Amount of money earned when selling a product
10 Elasticity value for a horizontal demand or supply curve
12 A good derived from the factor of production land
13 Elasticity value greater than one when price changes
16 A payment made directly to the government
19 A price floor
20 Price ceiling
21 Payment to the government determined by spending to buy goods and services
23 Elasticity value equal to one
25 Paid by the government to reduce costs of production and increase supply

2
Economics for the IB Diploma - Tragakes & Rock-Lacroix © Cambridge University Press 2021