Some Economics Terminologies

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Across
  1. 2. A term referring to the degree of responsiveness.
  2. 4. Economic growth that is represented by an increase in an economy's productive capacity.
  3. 5. Individuals in an economy are collectively referred to as this.
  4. 7. When demand and supply are equal.
  5. 10. Any entity not directly involved in an economic activity is referred to as this.
  6. 11. Any entity that enjoys a good or service without paying for it.
  7. 17. The price of one currency in terms of another currency.
  8. 19. This is also known as the vicious circle of poverty.
  9. 21. The total pay received by a worker.
  10. 23. The national income or output of an economy can be represented by this.
  11. 27. The largest contributor to a government revenue.
  12. 28. Inflation rate of an economy can be represented by this.
  13. 29. A type of product that is both rival and excludable.
  14. 30. This is likely to fall when inflation rate goes up.
  15. 31. When inflation rate grows at a rapid pace.
  16. 32. The degree of flexibility of resources to be moved occupationally or geographically.
  17. 33. An arrangement which brings buyers into contact with sellers.
  18. 36. Merging or taking over another firm in a totally different industry.
  19. 38. Merging or taking over another firm in the same industry at the same production stage.
  20. 40. Businesses in an economy are collectively referred to as this.
  21. 41. This is equal to average revenue
  22. 42. Excess profit above that is required to keep a firm in the market in the long run.
  23. 46. When supply and demand in the market are not operating in an efficient manner.
  24. 47. A type of good that does not require any resources to be produced and does not have an opportunity cost.
  25. 49. A problem caused by overpopulation, leading to scarcer resources and job opportunities.
  26. 50. The return to savings and the cost of borrowing.
Down
  1. 1. The reduction or elimination of rules and regulations that ate enforced by laws.
  2. 3. A type of unemployment caused by a fall in demand in one or a few industries.
  3. 6. A cost of inflation where buyers have to move around looking for the next best alternatives.
  4. 8. lack of double coincidence of wants is a drawback of this system.
  5. 9. The living standard and the degree of poverty in an economy can be shown by this.
  6. 12. A group of workers joining together to protect their common interests.
  7. 13. Sector of an economy that is involved in collection, processing, and transmission of information.
  8. 14. A type of good that is beneficial to society when consumed, but tends to be underproduced and underconsumed.
  9. 15. Rising average cost as a firm expands its scale of production.
  10. 16. The number of output per resource used.
  11. 18. An item generally accepted as a means of payment.
  12. 20. The skills and risk-taking ability of the owner to combine resources to produce goods/services.
  13. 22. When two or more firms agree to sell a product at the same price.
  14. 24. A regional group of countries that remove trade restrictions between themselves.
  15. 25. The amount of money a firm has to pay that remains constant regardless the number of output.
  16. 26. An economic system where production decisions are directed by the government.
  17. 34. A type of good that requires resources to be produced, thus has an opportunity cost.
  18. 35. A market that is dominated by only one firm.
  19. 37. A group of people that is considered as economically active.
  20. 39. The combination of two types of goods that can be produced in an economy is represented by this.
  21. 43. A type of product that is both non-rival and non-excludable.
  22. 44. Financial aid from the government to poor people and businesses in need.
  23. 45. A type of good that is harmful to society when consumed, but tends to be overproduced and overconsumed.
  24. 48. An abbreviation referring to the lowest amount of money an employer has to pay its employees.