Economics Review by Raven

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Across
  1. 1. A listing that shows the quantity demanded (of a product) at all prices that might occur in a market at a given time.
  2. 3. The rise in the general price level.
  3. 10. In this type of economy, there is more government involvement than capitalist nations, but government runs key industries such as transportation and banking.
  4. 11. Reports on prices changes for goods.
  5. 15. The dollar value of all final goods, services and structures produced in one year with labor and property supplied by US residents.
  6. 16. The quantities of a product consumers are willing and able to buy at various prices given a time period.
  7. 18. The turnaround point where GDP stops going down.
  8. 19. A factor of production; money, buildings, equipment and tools used to run in a business.
  9. 21. A severe recession with high unemployment; very rare.
  10. 23. The dollar amount value of all final goods and services produced within a country’s borders in a year.
  11. 24. A period of decline in the economy; the decline must last at least 6 months.
  12. 26. Workers who are between jobs for whatever reason.
  13. 28. The point where the supply curve and demand curve intersect.
  14. 30. A decrease in the general price level.
  15. 31. A period of recovery from a recession.
  16. 34. This concept means less government involvement; supply and demand will govern the market by itself, there’s no need for government interference.
  17. 36. Workers with less skills, talent or education are replaced by machines to do their jobs.
  18. 38. The way a nation uses its productive resources to produce and distribute goods and services.
  19. 40. A factor of production; all the people who work.
Down
  1. 2. All resources are limited.
  2. 4. There is a direct relationship between price & quantity. If sellers can get a higher price, they will make more of a product.
  3. 5. This type of economic system does not allow freeenterprise; also called a command economy.
  4. 6. When producers make too much of a product and have to reduce the price to sell it.
  5. 7. This economic system is commonly found in rural settings in 2nd or 3rd world nations.
  6. 8. Unemployment directly related to swings in the business cycle.
  7. 9. An example of this kind of good is hot dogs and hot dog buns, waffles & syrup. When one price goes up, it may affect the sales of the other.
  8. 12. The study of the way a nation (or business or person) uses its limited resources to satisfy unlimited wants and needs.
  9. 13. Unemployment resulting from changes in weather or demand for the product.
  10. 14. A factor of production; people who invest time and money to run a business.
  11. 17. The study of the economics of an entire country.
  12. 20. The Father of Economics.
  13. 22. When producers do not make enough of a product.
  14. 25. A factor of production; everything contained in the earth or sea.
  15. 26. opportunity cost states that there is no such thing as a ______ lunch. There is always a cost for the choices you make.
  16. 27. There is an opposite relationship between price & quantity. When the price goes down, consumers buy more.
  17. 29. Statistics that describe how well an economy is performing.
  18. 32. The point where GDP stops growing.
  19. 33. In this type of economy, there is market competition and private ownership of business.
  20. 35. The study of the economics of a small unit, such as a family or business.
  21. 37. The quantities of a product that sellers are willing and able to produce at a given price.
  22. 39. The amount earned when calculating the equilibrium (price x quantity)