Economics Chapter 1-4

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Across
  1. 2. the ability of everyone to take part in the market by free choice
  2. 5. government programs designed to protect people from economic hardship
  3. 7. the principle that the government should not interfere in the marketplace
  4. 9. economic system in which the government owns some or all of the factors of production
  5. 11. Designer of high-fashion wedding gowns
  6. 14. willingness to buy a good or service and the ability to pay for it
  7. 15. person who avoids paying for a good or service but benefits from it anyway
  8. 16. German philosopher, historian, and economist
  9. 19. resourses needed to produce goods and services
  10. 21. states when prices go down, quantity demanded increases, when prices go up quantity demanded decreases
  11. 22. all the action sellers, acting independently, to get buyers to purchase their products
  12. 24. Founder of Economics
  13. 26. not enough resources to satisfy human wants
  14. 28. methods used to encourage people to take certain actions
  15. 30. producing fewer goods and services than possible
Down
  1. 1. to change from private ownership to government or public ownership
  2. 3. if quantity demanded changes significantly as price changes, demand is...
  3. 4. the study of individuals, families, and businesses in an economy
  4. 6. economic system where people produce and distribute goods according to customs handed down from generation to generation
  5. 8. government payment that helps to cover a cost of an economic activity that benefits the public as a whole
  6. 10. additional cost of using one more unit of a product
  7. 12. to change from government or public ownership to private ownership
  8. 13. the alternative people give up when they make choices
  9. 17. the study of the economy as a whole
  10. 18. economic system in which the government owns all the factors of production, little or no political freedom
  11. 20. the value of something that is given up to get something else that is wanted
  12. 23. Wrote Free to Choose
  13. 25. the additional satisfaction from using one more unit of a product
  14. 27. goods that are used together
  15. 29. the study of how individuals and societies satisfy their unlimited wants with limited resources