Basic Terms In Applied Economics

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Across
  1. 2. Physical human effort exerted in production
  2. 6. It involves the use of scarce resources to satisfy unlimited wants
  3. 10. Science The study of society and how people behave
  4. 12. Man-made resources used in the production of goods and services
  5. 14. A situation where people who are willing and able to work are seeking work bit cannot find jobs
  6. 16. It is concerned with the behaviour of individual entities
  7. 17. Economy An economy where decisions are based on traditions and practices upheld over the years
  8. 18. Economics The application of economic theory
  9. 19. Economics Deals with what is-things that are actually happening such as the current inflation rate
Down
  1. 1. Economics Refers to what should be-all that which embodies the ideal such as the ideal rate of population growth
  2. 3. Cost The value of foregone alternative
  3. 4. Domestic Product The market value of final products produced within the country
  4. 5. Economy The most democratic form of economic system is where the workings of demand and supply determine the decisions on what goods and services to produce
  5. 7. Insufficient resources
  6. 8. Resources Used to produce goods and services
  7. 9. It is concerned with the overall performance of the entire economy
  8. 11. Soil and natural resources found in nature
  9. 13. Line Minimum income level used as an official standard for determining the proportion of a population living in poverty
  10. 15. Economy An authoritative system wherein decision-making is centralized in the government or a planning committee