Applied Economics

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Across
  1. 5. ________ goods are goods identical in quantity, shape, size, colour, and packaging
  2. 8. Refers to using one’s savings in a way that earns a return
  3. 10. Desires for non-essential items
  4. 13. The law of demand describes how price affects _________
  5. 16. The essentials of life such as food and shelter
  6. 17. In traditional economy, methods are ________
  7. 21. Price is ______, A feature of perfect competition
  8. 24. _______ Scarcity is when a good is scarce compared to its demand
  9. 26. Specific type of oligopoly where there is only two producers exist in one market
  10. 27. Is the study of production, distribution, Selling and use of goods and services
  11. 28. it is an Increase in value of an asset overtime
  12. 29. _______ competition is a Market Structure in which large number of sellers sell a homogenous product at uniform price
  13. 30. Refers to the market situation where there is one seller and there is no close substitute to the commodities sold by the seller
  14. 32. Most democratic form of economic system
  15. 34. A market situation in which there are FEW firms producing differential goods
  16. 36. ________ Resources came from nature that are used in production
  17. 37. it is an art of turning idea into business
  18. 38. Is a good that can be used in place of another
Down
  1. 1. A form of market in which there are large numbers of sellers selling differentiated products which are similar in nature but not homogenous
  2. 2. _______ wage is the minimum amount of remuneration that an employer is required to pay a worker
  3. 3. It is a property in which the owner receives payments from the occupants
  4. 4. Soil and natural resources that are found in nature and are not manmade
  5. 6. Quantities of a particular good or service consumers are willing and able to buy at different possible prices
  6. 7. An asset or item acquired with the goal of generating income
  7. 9. A mandatory financial Charge imposed upon a taxpayer by a governmental organization
  8. 11. _______ scarcity is when supply is limited
  9. 12. ___________ goods are things that are often sold or used together
  10. 14. A state in which the supply and demand for a given good or service are in balance
  11. 15. The amount of a product that is offered for sale at all possible prices in the market
  12. 18. ______ Marshall described economics as the study of mankind in the ordinary business life
  13. 19. Is a division of economics that is concerned with the overall performance of the entire economy
  14. 20. The authoritative economic system
  15. 22. When income goes up, Consumers buy _______
  16. 23. Physical and human effort exerted in production
  17. 25. Any firm can ________ or leave the industry whenever it wishes
  18. 31. _________ cost refers to the value of the best foregone alternative
  19. 33. When price goes up, demand goes ______
  20. 35. Man-made resources used in the production of goods and services
  21. 38. Is a condition where there are insufficient resources to satisfy all the needs and wants of a population
  22. 39. An economic system wherein decisions are based on traditions and practices upheld over the years and passed on from generation to generation