Economics
Across
- 5. type of economy in which decisions are based on historical precedent rather than individual ability
- 8. producers will produce more when they can sell at a higher price and will produce less when they can sell at a lower price
- 12. the value of the second-best alternative that is given up when choosing the best option
- 14. central bank of the US; regulates member banks, provides financial services to the government, and manages the money supply to limit inflation
- 15. through their purchases, buyers determine what will be produced
- 17. structure of business in which all profit and risk is shared between two or more owners
- 24. economic model of ____ flow includes households, businesses, the government, the market for resources, and the market for goods and services
- 25. a factor of production that comes from nature, such as water, oil, apples, or land
Down
- 1. structure of business in which all profit and risk belong to one owner
- 2. intersection of supply and demand at which everyone who wants to sell at that price can sell, and everyone who wants to buy at that price can buy
- 3. set by the Federal Reserve; the cost to banks of borrowing funds from the Fed; can be increased to shrink the money supply
- 4. combining human, natural, capital, and entrepreneurship resources to make goods or provide services
- 6. increase in prices that leads to a decrease in the purchasing power of money
- 7. type of economy defined by lack of consumer choice and centralized control (usually by the government) of property and resources
- 9. items, resources, and ideas that a person owns; protected by the government
- 10. legal entity in which all owners share the profits and each owner risks only the loss of their individual investment amount
- 11. set by the Federal Reserve; the minimum amount of consumer deposits that a bank must have on hand at the end of each day; can be increased to shrink the money supply
- 13. person who takes risks to produce/sell goods and services in search of profit
- 15. struggle between producers of similar goods and services that leads to better quality, lower prices, and increased selection for consumers
- 16. one producer controls all production of a single good or service
- 17. something that a person can use or benefit from without paying, such as highways or national defense
- 18. collected by federal and state government; based on the amount of pay earned
- 19. type of economy defined by ownership of private property, no government involvement, competition, and individual choice in economic decisions
- 20. resources and goods are limited, but wants and needs are not, which requires that choices be made
- 21. collected by local government; based on land, buildings, cars, boats and other large privately owned items
- 22. collected by state and local government; based on a percentage of the purchase price of a good
- 23. type of economy which includes some elements of free enterprise as well as government involvement