APPLIED ECONOMICS

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Across
  1. 1. there is only one seller
  2. 3. name of our subject
  3. 4. there are large numbers of sellers selling differentiated products which are similar in nature but not homogenous
  4. 6. is a division of economics that is concerned with the overall performance of the entire economy
  5. 11. consumers buy more of a good when its price decreases and less when its price increases
  6. 13. the study of production, distribution, selling and use of goods and services
  7. 16. a process and it exists when a group of buyers and sellers communicate to exchange goods and services
  8. 19. This is the authoritative system wherein decision-making is centralized in the government or a planning committee
  9. 25. Methods are stagnant and therefore not progressive
  10. 28. assemble and integrate all the resources needed- the money, the people, the business model, the strategy- needed to transform an idea into business
  11. 29. how many branches of economics are there
  12. 30. how many basic economic problems of society are the
  13. 32. the essential of life, such as food and shelter
  14. 33. a market situation in which there are few firms producing either different goods or closely differential goods or closely differential goods
  15. 34. a property from which the owner receives payment from the occupant(s), known as tenants, in return for occupying or using the property
  16. 37. is when a good is scarce compared to its demand
  17. 39. physical and human effort exerted in production
  18. 40. the limited nature of resources, which underlies the basic economic problem
  19. 41. a state in which the supply and demand for a given good or service are in balance
  20. 44. the processed materials, equipment, and buildings used in production
  21. 45. the law of demand describes how prices affects ____
  22. 46. Soil and natural resources that are found in nature and are not manmade
  23. 47. the law of supply describes how price affects ______
Down
  1. 2. refers to the value of the best foregone alternative
  2. 5. captain of the industry
  3. 6. can exist in one place or another; can also be virtual
  4. 7. quantities of a particular good or service consumers are willing and able to buy at a different possible prices
  5. 8. described economics as study of mankind in the ordinary business life
  6. 9. desires for non-essential items
  7. 10. refers to and increase in the value of an asset over time
  8. 12. mixture of market and command economy
  9. 14. graphical representation
  10. 15. refers to the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period
  11. 16. means single
  12. 17. came from nature that are used in production, including land, raw materials, and natural process
  13. 18. process of setting prices of goods
  14. 20. an asset or item acquired with the goal of generating income or appreciation
  15. 21. there are two sellers of a commodity such that actions of each seller has predictable effect on the other seller/rival
  16. 22. studies the decision and choices of the individual units and how these decisions affect the prices of goods in the market
  17. 23. is when supply is limited
  18. 24. businesses take loans to fund projects and pay back in installments
  19. 26. large number of sellers sell a homogenous product at uniform price
  20. 27. the art of turning idea into business
  21. 31. This is the most democratic form of economic system
  22. 35. a good that can be used in place of another
  23. 36. tendency of suppliers to offer more of a good at a higher price and less at lower prices
  24. 38. all about the machines needed in the production
  25. 40. the a mount of a product that is offered for sale at all possible prices in the market
  26. 42. a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures
  27. 43. means seller