Economics #2

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Across
  1. 4. An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in revenues and other GDP components such as business inventories.
  2. 6. situation where a change in one factor causes an equal or proportional change in another factor
  3. 7. is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied
  4. 8. households- people living under one roof are considered a
  5. 11. a good with a negative cross elasticity of demand, in contrast to a substitute good. This means a good's demand is increased when the price of another good is decreased.
  6. 13. If the price increase had no impact whatsoever on the quantity demanded, the medication would be considered perfectly
  7. 14. The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households.
  8. 16. A marketplace where factors of production such as labor, capital, and resources are purchased and sold
  9. 19. is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus.
  10. 22. An asset or item that is purchased with the hope that it will generate income or appreciate in the future
  11. 23. refers the degree to which individuals (consumers/producers) change their demand/amount supplied in response to price or income changes
  12. 24. market- where goods and services produced by businesses are sold to households
Down
  1. 1. A microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
  2. 2. interdependence- is a consequence of specialization, or the division of labor, and is almost universal
  3. 3. A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.
  4. 5. clearing - is the price of a good or service at which quantity supplied is equal to quantity demanded
  5. 9. An intermediary instrument used to facilitate the sale, purchase or trade of goods between parties
  6. 10. classification of its economic policy aims
  7. 12. used to describe many excess assets including income, profits, capital and goods
  8. 15. when the price of an item is set below the equilibrium rate determined by supply and demand,
  9. 17. deals with organization, management, expansion and strategy.
  10. 18. quantity of goods or services produced in a given time period, by a firm, industry, or country," whether consumed or used for further production
  11. 19. is the quantity of payment or compensation given by one party to another in return for goods or services.
  12. 20. - are two goods that could be used for the same purpose
  13. 21. are what is used in the production process in order to produce output—that is, finished goods