Economics
Across
- 2. the problem of having unlimited wants, but limited resources to satisfy them
- 4. is an asset or item acquired with the goal of generating income or appreciation
- 9. is the art of turning an idea into a business
- 10. businesses take loans to fund capital projects and expand their operations by purchasing fixed and long-term assets such as land, buildings, and machinery
- 12. the processed materials, equipment, and buildings used in production
- 16. under perfect competition all firms sell homogenous goods which are identical in quantity, shape. size, and color
- 20. it concerned with the process of setting prices of goods that is also known as Price Theory
- 21. soil and natural resources that are found in nature and are not man-made
- 26. consumers buy more of a good when its price decreases and less when its price increases
- 28. it is the quantities of a particular good or service consumers are willing and able to buy at different possible prices
- 29. the limited nature of resources, which underlies the basic economic problem
- 30. is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes
- 31. is a social science concerned with using scarce resources to obtain the maximum of the unlimited wants of society
- 33. refers to using one’s savings in a way that earns a return
- 36. came from nature that are used in production, including land, raw materials, and natural process
- 37. this law establishes a minimum amount that an employer can pay a worker for one day of labor
- 40. refers to the market situation where there is one seller and there is no close substitute to the commodities sold by the seller
- 42. the efforts of people involved in production, including labor and entrepreneurship
- 43. it refers to the value of the best foregone alternative
- 44. shows how the quantity demanded of a good depends on its determinants
- 45. he described economics as study of mankind in the ordinary business life
- 46. things that are often are sold or used together
- 47. form of market in which there are large numbers of sellers selling differentiated products which are similar in nature but not homogenous
- 48. the government and the economy are equal
- 49. is a division of economics that is concerned with the overall performance of the entire economy
Down
- 1. graphical representation of the relationship between the price of a good or service and the quantity
- 3. Tendency of suppliers to offer more of a good at a higher price and less at lower prices
- 5. methods are stagnant and therefore not progressive
- 6. is a process and it exists when a group of buyers and sellers communicate to exchange goods and services
- 7. refers to an increase in the value of an asset over time
- 8. a property form which the owner receives payment from the occupants, known as tenants, in return for occupying or using the property
- 11. is when supply is limited
- 13. equilibrium means a state of equality or balance between market demand and market supply
- 14. is a market structure in which large number of sellers sell a homogenous product at uniform price
- 15. the amount of a product that is offered for sale at all possible prices in the market
- 17. this is the authoritative system wherein decision-making is centralized in the government or a planning committee
- 18. the essentials of life, such as food and shelter
- 19. it is the captain of the industry
- 22. is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures
- 23. is when a good is scarce compared to its demand
- 24. desires for non-essential items
- 25. is a market situation in which there are few (more than two) sellers
- 27. a table that shows the quantity demanded of a good or service at different price levels
- 32. this refers to the minimum amount of remuneration that an employer in required to pay wage earners for the work performed during a given period
- 34. Between the extremes of monopoly and perfect competition
- 35. man-made resources used in the production of goods and services which include machineries and equipment
- 38. it is the specific type of oligopoly where only two producers exist in one market
- 39. it is the physical and human effort exerted in production
- 40. this is the most democratic form of economic system
- 41. a state in which the supply and demand for a given good or service are in balance