#5 Crossword

1. ____ economy: an economic system where two forces, known as supply and demand, direct the production of goods and services.
3. anything required for human survival (such as food, water, and shelter)
4. monopolistic __________: A market structure where many firms produce similar but not identical products.
7. __________ competition: A market in which there are many buyers and many sellers of an identical product.
8. A market in which a few large firms dominate
9. anything that someone desires, or would like to have, but is not required for life
11. A market for a good or service in which there is only one supplier, or that is dominated by one supplier
14. ______economics: the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity
15. ______ economy: a system that relies on customs, history, and time-honored believes; tradition guides economic decisions such as production and distribution
17. activity involving two or more firms, in which each firm tries to get people to buy its own goods in preference to the other firm's goods.
18. the concept of our unlimited needs/wants and the limited supply of resources

1. ______ economics: the part of economics concerned with single factors and the effects of individual decisions
2. the inputs we use to produce goods and services
5. ________ to entry: any factor that can prevent or impede newcomers into a market or industry sector, and so limit competition
6. _______ cost: the value of the next-highest-valued alternative use of that resource.
10. _____ economy: one in which the central government plans, organizes, and controls all economic activities to maximize social welfare.
12. Did Duke win on Saturday?
13. the study of the production, distribution, and consumption of goods and services
16. _____ economy: an economic system that falls between a command and market economies