Economics

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Across
  1. 3. Any situation where making one choice means losing something else, usually forging a benefit or opportunity
  2. 5. Goods- Any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer (durable goods, non-durable goods and services)
  3. 7. the problem of scarcity is regarded as the fundamental economic problem arising from the fact that, while resources were finite, society’s demand for resources is infinite
  4. 9. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency
  5. 14. Typically cash or liquid assets held or obtained for expenditures. In financial economics, the term may be expanded to include a company’s capital assets
  6. 15. Analysis- (CBA) is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action
  7. 18. of Living- Refers to the amount and quality of material goods and services available to a given population. The standard of living includes basic material factors such as income, gross domestic product (GDP), life expectancy and economic opportunity
  8. 20. the amount of physical, mental and social effort used to produce goods and services in an economy. (one of the 3 things that drives supply; land, capital and entrepreneurship)
  9. 21. an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests in society
Down
  1. 1. the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs and taxes involved in sustaining the activity in question
  2. 2. Cost- the potential benefits an individual, investor, or business misses out on when when choosing one alternative over another
  3. 4. A political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating itself for a classless system in which the means of production are owned communally and private property is non-existent or severely curtailed
  4. 6. a populist economic and political system based on public ownership (also known as collective or common ownership) of the means of production
  5. 8. the process of creating a new enterprise and bearing any of its risk, with the view of making a profit
  6. 10. needs are based on psychological,personal and socio-economic requirements necessary for you to function and live
  7. 11. means to fulfilling our needs
  8. 12. a social science concerned with the production, distribution and consumption of goods and services
  9. 13. Depression- Worldwide economic crisis that lasted most of the 1930s; a period during which business,employment and stock markets values fall to very low levels for a significant amount of time. (deflation and widespread unemployment)
  10. 16. Goods- Physical assets that a company uses in the production process to manufacture products and services that consumers will later use. Capital goods are not finished goods instead they are used to make finished goods (buildings, machinery, equipment, vehicles and tools)
  11. 17. Domestic Product- the total market value of all final goods and services produced within a country in a given period
  12. 19. of Production- Inputs needed for the creation of a good or service. These include land, labor, entrepreneurship and capital
  13. 22. the resources that encompasses the natural resources used in production