ECONOMICS CROSSWORD

5. competition no participants are large enough to have the market power to set the price of a homogeneous product.
6. advantage the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
7. the state of being scarce or in short supply; shortage.
8. an insistent and peremptory request, made as if by right.
12. a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
13. enterprise system freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance.
16. the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
19. flow model illustrates the movement of goods and services in an economy.
21. competition industry in which many firms offer products or services that are similar, but not perfect substitutes.
23. the exclusive possession or control of the supply of or trade in a commodity or service.
24. a general increase in prices and fall in the purchasing value of money.
25. a state of limited competition, in which a market is shared by a small number of producers or sellers.

1. cycle a cycle or series of cycles of economic expansion and contraction.
2. rights the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals.
3. advantage the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
4. a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
9. price market price that represents a state of perfect balance between supply and demand.
10. an association of two or more people as partners.
11. the process of concentrating on and becoming expert in a particular subject or skill.
14. of production three basic resources or factors of production: land, labor, and capital.
15. an area or arena in which commercial dealings are conducted.
17. system a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
18. anything in demand that is sold in a competitive marketplace, supply is most used to refer to goods, services, or labor.
20. cost the loss of potential gain from other alternatives when one alternative is chosen.
22. proprietorship an unincorporated business owned by one individual, making it the simplest form of business to start and operate.