Economics
Across
- 2. something that is desired
- 5. Marshall, His most important book was Principles of Economics.
- 8. of Demand, fundamental principle which states that there is an inverse relationship between price and quantity demanded
- 9. Any items, materials and consumable substances which are sold to the consumers
- 11. Cost, the loss of potential gain from other alternatives when one alternative is chosen.
- 16. market structure where a single seller or producer
- 17. person who makes a purchase.
- 18. Economy economy in which production, investment, prices, and incomes are determined centrally by a government.
- 19. market supply and demand balance each other, and as a result prices become stable
- 23. competition when many companies offer competing products or services that are similar
- 24. Competition, competitive market situation where there are many sellers, but they are selling heterogeneous goods
- 26. a person, business, or entity that provides products or services to another entity.
- 28. economy type of economic system where supply and demand regulate the economy, rather than government intervention
- 29. the total amount of a specified product or service that is available to customers
- 31. a place where parties can gather to facilitate the exchange of goods and services
Down
- 1. branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.
- 3. the state of being scarce or in short supply; shortage.
- 4. economics concerned with single factors and the effects of individual decisions.
- 6. economy system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions
- 7. encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity
- 10. two suppliers dominate the market for a commodity or service.
- 12. Scarcity, the comparison of the availability of resources between two or more entities
- 13. markets dominated by a small number of suppliers
- 14. Scarcity, resources that are fixed in supply and cannot be increased or decreased, regardless of demand.
- 15. the consumer's desire to purchase a particular good or service.
- 20. Management the process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives.
- 21. study of scarcity
- 22. something needed to survive
- 25. person who sells something
- 27. Competition, Many firms produce identical products. Many buyers are available to buy the product, and many sellers are available to sell the product.
- 30. of Supply, direct relationship between price and quantity