Basics of Economics

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Across
  1. 5. Economy in which government controls resources, makes economic decisions, and provides basic services
  2. 8. Business organization dividing profit and workload over two or more people
  3. 12. When choosing between two things, it’s the value of the one that wasn’t chosen
  4. 16. Economy based on previous generations, bartering, and seen in smaller communities
  5. 17. Intersection of demand and supply curves, where a balance is achieved
  6. 18. Economy in which producers and consumers do what they want; goods and services for people with money
  7. 19. When someone contributes their labor to making a good or service, they are a ___ resource
  8. 20. In P.A.C.E.D. model, ___ are items or actions that must be evaluated based on criteria
Down
  1. 1. The amount of a good or service people will consume; moves in a different direction than price
  2. 2. Combination of resources to make a good or service
  3. 3. On a production schedule, this explains why price and quantity move in the same direction
  4. 4. Numerous businesses that produce a similar good or service
  5. 6. A ___ resource is a human-made tool, building, and vehicle that helps to produce a good or service
  6. 7. Business organization with all profit, workload, and risk for a single owner
  7. 9. Condition in which a resource is limited, but wants and needs are not; choices must be made
  8. 10. Business organization with very limited risk for investors
  9. 11. Oil, water, goats, timber, minerals, and vegetables are examples of ___ resources
  10. 13. This ability involves taking on the risk of combining resources to produce and good or service
  11. 14. Economy in which businesses, consumers, and government all have some power
  12. 15. Some that creates motivation towards an action, like earning profit, or a huge sale