AP Microeconomics Unit 1

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Across
  1. 3. The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
  2. 6. Natural resources, such as land, minerals, and water, that are used to produce goods and services.
  3. 10. The physical and mental effort of people used to produce goods and services.
  4. 11. The number of people who are willing and able to work, but are not currently employed.
  5. 12. The total value of goods and services produced by an economy in a given period of time.
  6. 14. A persistent and general decline in prices of goods and services, which can lead to negative effects on the economy such as reduced consumer spending and increased unemployment.
  7. 15. The branch of economics that studies the behavior and decision-making of individual households and firms.
  8. 18. A period of economic decline characterized by decreasing output and employment.
  9. 19. A period of economic growth characterized by increasing output and employment.
  10. 20. Limited in quantity, not readily available
Down
  1. 1. The concentration of production in certain goods or services in which a country or individual has a comparative advantage.
  2. 2. The number of people who are working or are available to work.
  3. 4. Factors that encourage or discourage a particular behavior.
  4. 5. The system of production, distribution, and consumption of goods and services in a society.
  5. 7. The social science that studies how individuals, institutions, and societies allocate scarce resources to produce goods and services and distribute them among different groups of people.
  6. 8. A severe and prolonged recession, characterized by a significant decline in economic activity.
  7. 9. A simplified representation of a real-world system or phenomenon, used to analyze and make predictions about the behavior of the system or phenomenon.
  8. 13. Anything that can be used to produce goods and services. Examples include land, labor, and capital.
  9. 16. The resources, such as machinery, buildings, and technology, that are used to produce goods and services.
  10. 17. The production of goods and services in the most economical way possible.