Econ Final Project

Across

2. a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
5. a professional and practitioner in the social science discipline of economics.
7. the total satisfaction received from consuming a good or service
8. a ratio between the output volume and the volume of inputs
9. an economic concept that refers to man-made elements employed to produce goods or services.
12. the fact that budgeting inevitably involves sacrificing some of X to get more of Y.
13. the ability of individuals and families to maintain sufficient income to consistently meet their basic needs
15. a commodity accepted by general consent as a medium of economic exchange.It is a liquid asset used in the settlement of transactions
16. The process a firm uses to turn inputs into outputs.
18. a social science that studies the production, distribution, and consumption of goods and services.
21. Factors of production are the resources people use to produce goods and services;land, labor, capital, and entrepreneurship.
23. an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces
24. a condition that exists when two or more persons, organizations, regions or countries exchange goods and services with the purpose of filling each other multiple needs
26. a transaction in which no physical goods are transferred from the seller to the buyer
28. goods manufactured and used in further manufacturing, processing, or resale
30. the exchange of goods and services between two or more parties without the use of money
32. The division of things into shares or portions.
34. a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention
35. a service or other asset used to produce goods and services that meet human needs and wants
36. items that satisfy human wants and provide utility.
37. One that consumes, especially one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.
38. a measure of the benefit provided by a good or service to an economic agent

Down

1. a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.
3. any agreement where one party borrows money from a second party with the promise to pay the amount back with interest.
4. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
6. an economic concept which states that dividing the production process into different stages enables workers to focus on specific tasks.
10. an economic state in which every resource is optimally allocated to serve each individual or entity in the best way
11. any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer.
14. the demand for a good or service is greater than the availability of the good or service.
17. a marketplace where securities, commodities, derivatives and other financial instruments are traded.
19. natural assets (raw materials) occurring in nature that can be used for economic production or consumption.
20. economic system in which the means of production are publicly owned and economic activity is controlled by a central authority
22. an economic system based on supply and demand with little or no government control
25. the value of the next-best alternative when a decision is made; it's what is given up
27. physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
29. an economic system where two forces, known as supply and demand, direct the production of goods and services
31. an individual who creates a new business, bearing most of the risks and enjoying most of the rewards
33. The people who are part of the workforce.