Bus Econ Unit 2 Vocabulary

12345678910111213141516171819202122232425262728
Across
  1. 1. deals with the efficient creation of material wealth
  2. 3. the state or quality of producing something
  3. 5. depicts how firms are differentiated and categorised based on the types of goods they sell
  4. 7. 1 product, 1 firm, 1 industry
  5. 9. an economy in which production, investment, prices, and incomes are determined centrally by a government
  6. 12. economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
  7. 14. rules that limit who can enter a business and what prices they may charge
  8. 15. the amount of physical, mental, and social effort used to produce goods and services in an economy
  9. 18. a commodity accepted by general consent as a medium of economic exchange
  10. 19. a system of production, resource allocation and distribution of goods and services within a society
  11. 21. a theoretical market structure where direct competition does not exist between firms or sellers
  12. 24. believed trade to be a major factor towards peace in Europe and prosperity for all
  13. 25. money a company earns from the sale of its products and services
  14. 26. the idea that common or public ownership of resources and means of production leads to a more equal society
  15. 28. a theory advocating elimination of private property
Down
  1. 2. measures the maximum output of two goods using a fixed amount of input
  2. 4. the motivation to earn a return on your investment or work greater than you put in
  3. 6. a situation where there is a single seller in the market
  4. 8. influence economics today as he believed wealth is created via labor, and self-interest spurs people to use their resources to earn money
  5. 10. economist famous for his ideas about capitalism and communism
  6. 11. the short run or long run process by which a firm may determine the price, input and output levels that will lead to the highest possible total profit
  7. 12. fundamental changes in the balance of supply and demand that alter the quantity demanded at the same price
  8. 13. relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy
  9. 16. attempts to incorporate morality and cultural value qualities to account for the limitation of economics
  10. 17. primary contribution to economics can be found in his views on the relationship between labor and property and on the creation of money and its impact on wealth accumulation and inequality
  11. 20. a system that relies on customs, history, and time-honored beliefs
  12. 22. a cycle or series of cycles of economic expansion and contraction
  13. 23. the act or process of trying to get or win something
  14. 27. a system that combines aspects of both capitalism and socialism