Economics - chapters 1-2 Review
Across
- 2. Review about the _______ Possibilities Curve (PPC) - what would a point on the line represent? What would a point inside or outside the line represent?
- 4. the four _________ of production are land, labor, capital, and entrepreneurship (review what these mean and which one is most important!)
- 7. Review about the __________ Flow Model. What are the participants in the circular flow? How do they all work together? Would a circular flow model show macro or microeconomics?
- 8. this branch of economics examines large-scale economic choices and issues (nationwide interest rates, global trade, etc.)
- 9. these are used by economists to instruct (making abstract concepts more understandable) and predict future events
- 11. Because it begins with observation and uses those observations to try to predict and control future events, economics is considered a _____________
- 12. this happens when the government spends more than it receives in tax revenue
- 15. observing economic choices and predicting economic events is called __________ economics
- 16. economic cost is the ________ people place on a good or service
- 19. this economics term is used to describe any time a household withdraws money from an account or borrows from it
Down
- 1. these types of goods are ones that a consumer has to pay to have removed (like trash)
- 3. these two economic principles create the need for choices: unlimited wants and limited __________
- 5. the four factor __________ include rent, wages, interest, and profit (what do these mean?)
- 6. this branch of economics deals with choices made by individual units (people, households, individual businesses, etc.)
- 10. the idea of __________ value states that an object's usefulness to the buyer determines its worth (like how water can be more valuable than diamonds)
- 13. the economic word for an imaginary unit of satisfaction
- 14. intangible items in economics: like the work of Mrs. Fulks on your behalf or the performance of Taylor Swift at a concert :)
- 17. economic ___________ are any tangible (physical) thing that has a measurable lifespan (like a car, a textbook, an apple, etc.)
- 18. this is a type of payment of money or goods from the government to people - they expect no repayment (examples: unemployment benefits, welfare, social security, etc.)