Economics Crossword

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Across
  1. 5. These goods can have the same purposes. They can be substituted for each other when needed. An example is lamb chops and chicken wings. Both are meats of good protein.
  2. 6. These goods increase in demand depending on the consumer’s income. An example would be a restaurant.
  3. 8. This economic system dates back to centuries ago, and is not predominantly in use today. It relies on beliefs and customs that have been tried through time. Innovation is usually present in this economic system.
  4. 9. The changes that occur to the real GDP due to periods of contraction and expansion. This consists of four phases: recession, depression, expansion, and peak.
  5. 11. As the price of goods increases, the amount of businesses that want to supply them also increases. As the price of products decreases, the amount of businesses willing to supply them also decreases.
  6. 12. The desire or ability to purchase goods, and the amount of goods and services that customers want to buy at specific prices.
  7. 14. These are the people who produce the consumable goods and services that are offered to consumers.
  8. 17. Products or services people no longer want because they are outdated, or have been replaced by newer goods. An example is Blackberry phones.
  9. 20. This is an economic system where the government holds the most power in making economic decisions. Everything in this system is owned by the government.
  10. 22. This is the highest level of needs on Maslow’s Hierarchy. This need involves humans’ desire to reach their fullest potential.
  11. 23. This is a measure used to observe changes in prices of a basket of goods that are purchased by a typical family. A survey is made for citizens to answer in order to put this basket of goods together.
  12. 25. As the price of products increases, the demand for them decreases. As the price of products decreases, their demand increases. This proportional relationship is illustrated through the demand curve.
  13. 26. Humans’ needs to feel protected in life. Advertisers appeal to these needs by portraying their product as something that will make humans feel safe.
  14. 28. These are the basic needs of humans. Advertisers appeal to this by connecting their product to the fundamental needs of humans like food, water, shelter, etc.
  15. 29. People use these goods less as their income increases. An example of such goods is used cars, as once people have more money they buy new cars instead of the used.
Down
  1. 1. Goods that are not necessary for survival, but do provide pleasure for the consumer. An example is products from designer brands.
  2. 2. These needs are humans’ needs to be respected by others and themselves. Advertisers appeal to this by targeting the pride of the audience.
  3. 3. The decrease in demand in a business cycle. This can be due to decrease in investments, income, employment, prices, profits, etc.
  4. 4. This is an economic system that combines consumers, businesses, and the government in order to make economic decisions. Canada utilises this system.
  5. 7. This is a point where the quantity demanded and the quantity supplied are equal. Both consumers and businesses are content, as consumers want to buy the same amount that businesses want to sell.
  6. 10. The person who uses the goods/services bought.
  7. 13. This is a phase of the business cycle characterized by large unemployment rates, income decreases, and standard of living decreases. They are also known as the troughs of the cycle.
  8. 15. The concept of businesses needing one another in order to operate. The operation of a business is not always individual, and often involves the services of many businesses.
  9. 16. These goods complete another good. Both goods are usually paired together. An example would be hot dogs and hot dog buns.
  10. 18. This is an economic system that places most emphasis on the individual, seen through aspects like private ownership. In this system, consumers and businesses make economic decisions.
  11. 19. Humans’ needs to feel loved and like they belong. Advertisers appeal to this by aligning their product with society's expectations of humans in order for them to belong and be loved.
  12. 21. This is the amount of goods and services that businesses are willing to sell at specific prices. These businesses fulfill the demand of consumers.
  13. 24. The increase of prices of goods and services over time due to change in demand and supply in products over time. This affects the purchasing power of money.
  14. 26. These are goods that are not materialistic. An example is a haircut.
  15. 27. The specific quantity of a product that is demanded at a specific price. The points of a demand curve denote this.