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