Applied Economics

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Across
  1. 4. The process of combining land, labor, and capital to create new businesses and products, taking risks and innovating.
  2. 6. Dishonest or fraudulent conduct by those in positions of power, often for personal gain.
  3. 7. The perspective of the economy as a whole, encompassing national or global economic trends and factors.
  4. 12. The amount of a good or service that consumers are willing and able to purchase at a given price.
  5. 14. Unemployment A situation where a small percentage of the labor force is unemployed, indicating a healthy and active economy.
  6. 16. Distribution The way in which national income is divided among different individuals and households within an economy.
  7. 18. An economic system where prices and production are determined by the forces of supply and demand, with minimal government intervention.
  8. 20. Goods or services that are often consumed together.
  9. 21. The act of selecting one option from a set of alternatives, often based on preferences, needs, and available resources.
  10. 23. growth that benefits all members of society, especially those who are typically excluded or disadvantaged.
  11. 29. An economic system where the government controls all aspects of production, distribution, and pricing.
  12. 30. The increase in the production of goods and services in an economy over time, usually measured as the percentage change in GDP.
  13. 32. The state of being equal in terms of rights, opportunities, and treatment.
  14. 37. The study of how individuals, businesses, and governments make choices about how to allocate scarce resources to satisfy their unlimited wants and needs
  15. 39. Fairness and justice in the distribution of resources and opportunities.
  16. 40. The perspective of individual consumers, businesses, or specific markets within the broader economy.
  17. 41. A graphical representation of the relationship between the price of a good or service and the quantity demanded at each price point.
  18. 42. Goods or services that can be used in place of each other.
  19. 43. The human effort and skills used in the production of goods and services.
  20. 44. Consumer preferences for goods and services.
  21. 46. An upward movement along the demand or supply curve, indicating a higher quantity demanded or supplied at a higher price.
  22. 49. The value of the best alternative forgone when making a choice. It represents the potential benefits missed by choosing one option over another.
  23. 51. price at which the quantity demanded of a good or service equals the quantity supplied.
Down
  1. 1. A movement of the entire demand or supply curve to the left or right.
  2. 2. A situation where the quantity supplied of a good or service exceeds the quantity demanded, leading to lower prices and potential waste.
  3. 3. A government-imposed minimum price that can be charged for a good or service.
  4. 5. A government-imposed maximum price that can be charged for a good or service.
  5. 8. The principle that, all other factors being equal, as the price of a good or service increases, the quantity demanded decreases.
  6. 9. The amount of money earned by individuals or households.
  7. 10. The payment made for the use of land or property.
  8. 11. The state of being extremely poor, lacking basic necessities like food, shelter, and healthcare.
  9. 13. A method of calculating GDP by adding up all the incomes earned in an economy, including wages, salaries, profits, and rents.
  10. 15. A graphical representation of the relationship between the price of a good or service and the quantity supplied at each price point.
  11. 17. The branch of economics that studies the behavior of individual consumers, businesses, and markets, focusing on topics like supply and demand, pricing, and resource allocation.
  12. 19. The process of improving the standard of living in a country or region, including factors like increased income, better infrastructure, education, healthcare, and overall well-being.
  13. 22. The cost of borrowing money, typically expressed as a percentage of the principal amount.
  14. 24. The fundamental economic problem that arises from the fact that human wants and needs are unlimited, while the resources available to satisfy them are finite.
  15. 25. The set of rules, institutions, and mechanisms that govern the production, distribution, and consumption
  16. 26. Inequality The uneven distribution of income within a society, where some individuals and households have significantly higher incomes than others.
  17. 27. A political and economic ideology that advocates for a classless society where the means of production are owned and controlled by the stat
  18. 28. In economics, land refers to all natural resources used in production, including raw materials, minerals, and land itself.
  19. 31. The branch of economics that studies the behavior of the economy as a whole, including topics like inflation, unemployment, economic growth, and government policies.
  20. 33. The point where the quantity demanded of a good or service equals the quantity supplied, resulting in a stable price.
  21. 34. The tools, equipment, machinery, and infrastructure used in production. It includes both physical capital (factories, computers) and human capital (education, skills).
  22. 35. The act of using goods and services to satisfy wants and needs.
  23. 36. A situation where the quantity demanded of a good or service exceeds the quantity supplied, leading to higher prices and potential rationing.
  24. 38. An economic system where the means of production are owned and controlled by the state or collectively by the people.
  25. 45. Power The ability of suppliers to influence the terms of trade in their favor.
  26. 47. The difference between total revenue and total costs, representing the financial gain earned by a business.
  27. 48. The payment received by workers for their labor, typically expressed as an hourly rate or annual salary.
  28. 50. The satisfaction or benefit that a consumer derives from consuming a good or service.