Ch 3: Economics Terms

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Across
  1. 3. The study of how societies use scarce resources to produce valuable goods and services and distribute them among different people
  2. 4. Combination of market and government intervention
  3. 5. Ways in which products or services satisfy consumer needs
  4. 6. Percentage of labor force without jobs
  5. 10. market structure with Many sellers, identical products
  6. 11. A signal that coordinates buyers and sellers
  7. 12. Cost of borrowing money
  8. 14. demand for a product or service is greater than the quantity supplied at the market price
  9. 16. The next best alternative given up when making a choice
  10. 18. Where supply and demand intersect
  11. 19. Based on customs and traditions
  12. 20. Output per unit of input
  13. 21. Limited resources vs. unlimited wants
  14. 22. Private ownership and free markets
Down
  1. 1. Rivalry between businesses for customers
  2. 2. market structure with Many sellers, differentiated products
  3. 7. market structure with few sellers, high barriers to entry
  4. 8. market structure with one seller, no close substitutes
  5. 9. an amount that is more than what is needed or required
  6. 13. As price increases, quantity supplied increases
  7. 15. General increase in prices over time
  8. 17. As price increases, quantity demanded decreases