Chapter 1-Key Terms

123456789101112131415161718192021
Across
  1. 1. policy that involves altering the level of interest rates, the availability of credit in the economy, and the extent of borrowing
  2. 9. a market in which firms are sellers of what they produce and households are buyers
  3. 11. the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance
  4. 13. a market where the buyers and sellers make transactions in violation of one or more government regulations
  5. 14. the study of how humans make choices under conditions of scarcity
  6. 17. the way in which different workers divide required tasks to produce a good or service
  7. 19. an economy where economic decisions are decentralized, private individuals own resources, and businesses supply goods and services based on demand
  8. 20. products (goods and services) made abroad and then sold domestically
  9. 21. when workers or firms focus on particular tasks for which they are well-suited within the overall production process
Down
  1. 2. a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market
  2. 3. system where private individuals or groups of private individuals own and operate the means of production (resources and businesses)
  3. 4. products (goods and services) made domestically and sold abroad
  4. 5. typically an agricultural economy where things are done the same as they have always been done
  5. 6. a representation of an object or situation that is simplified while including enough of the key features to help us understand the object or situation
  6. 7. an economy where economic decisions are passed down from government authority and where the government owns the resources
  7. 8. the trend in which buying and selling in markets have increasingly crossed national borders
  8. 10. measure of the size of total production in an economy
  9. 12. when the average cost of producing each individual unit declines as total output increases
  10. 15. economic policies that involve government spending and taxes
  11. 16. the market in which households sell their labor as workers to business firms or other employers
  12. 18. when human wants for goods and services exceed the available supply
  13. 19. interaction between potential buyers and sellers; a combination of demand and supply