APPLIED ECONOMICS

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Across
  1. 5. Excess supply in the market.
  2. 6. Income that comes from the ownership of land.
  3. 7. Goods - are goods and services that vary inversely with income.
  4. 8. The limited availability of a resource, good, or service.
  5. 10. Because there is scarcity, people have to choose which wants to satisfy first.
  6. 12. Are compulsory contributions to the government.
  7. 13. Refers to an increase in the average price levels of an economy’s basket of goods over a period of time.
  8. 19. GDP - Refers to the value of the gross domestic product that is not adjusted for inflation.
  9. 21. Factors - These are positive aspects that attract people to move to another region or location.
  10. 24. A type of economic system that takes the best characteristics from each of the other three systems.
  11. 25. Excess demand in the market.
  12. 26. Debt - Big loans promote inflation and if inflation is high, the debt will be serviced and eventually paid off with cheaper actual dollars.
  13. 28. Is the order of an individual's choices and alternatives based on their relative utility (satisfaction).
  14. 30. Goods that are demanded or consumed in place of another good.
  15. 31. Looks at aggregates and larger economic agents.
  16. 32. Income generated by firms operating in the country.
  17. 33. Are people who leave one country or region to settle in another.
  18. 34. Increase in the value of capital goods.
  19. 36. Can complement or replace existing labor.
  20. 39. Goods - These are goods where the demand is independent of the price of other goods.
  21. 40. GDP - Focuses on the value of goods and services produced in a given time period with constant prices.
Down
  1. 1. Factors - These are negative reasons that cause people to leave their homes.
  2. 2. Are special grants by the government in financial aid, tax exemptions, or privileges.
  3. 3. Cost - The value of the next best alternative.
  4. 4. Spending by firms and households on capital and long-term goods.
  5. 9. Refers to the investments made to improve production
  6. 11. Goods that are demanded or consumed along with other goods.
  7. 14. Goods - The housing and rental spaces are.
  8. 15. It is the curve that shows the change in quantity given in price
  9. 16. Purchase of goods by individuals and households.
  10. 17. Enter and settle in a foreign country or region, leaving a past.
  11. 18. Are people who, because of a problem in their former home, have immigrated to a new country or region.
  12. 20. Focuses on individuals and smaller economic agents.
  13. 22. The satisfaction or usefulness the consumption of a good can bring.
  14. 23. Opportunity costs of engaging in leisure.
  15. 27. Growth - The increase in real gross domestic product or GDP.
  16. 29. Rate - the price of every unit of a foreign currency valued in the domestic currency.
  17. 30. It is caused by non-price determinants or factors.
  18. 31. This is where buyers and sellers meet to exchange goods and services.
  19. 35. A type of economic system that answers economic questions through the honoring of tradition and established trends.
  20. 37. Refers to resources that can be attributed to the land or the sea.
  21. 38. Refers to the tangible human element in the production process