Economics Definition words

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Across
  1. 3. goods People buy instant noodles when their income is low, but buy higher quality food when they can afford it. What are the instant noodles considered in this situation?
  2. 4. production: Elijah works in a factory to put different materials into the economy, what is this considered?
  3. 5. This is when people are willing to buy different services or products at a certain price point.
  4. 7. This person has complete control over his/her business
  5. 9. A person goes to McDonalds and purchases a happy meal, What is this person?
  6. 12. Raise in unemployment and fall in income.
  7. 14. system Where buyers and sellers meet to trade goods and services
  8. 15. This is when the economy is shared between businesses and the government
  9. 17. Jamal owns a small portion of Tesla, what is another word to describe what Jamal has
  10. 19. Jamal wants to spend money on goods for personal enjoyment, what is this?
  11. 21. This states that as the price of a good or service rises, the quantity supplied of that good or service also increases and vice versa.
  12. 23. Draymond goes to the bank to get a loan for a house, the bank gives him the money and in return he needs to pay what?
  13. 24. Someone is currently making a new car to sell, what are they considered?
  14. 25. This is when multiple businesses rely on each other
  15. 27. price index: This measures how the cost of everyday items changes over time. It helps gauge inflation.
Down
  1. 1. Jamal buys a business of a company with the expectation that he gets ROI. What is this considered?
  2. 2. Bartholmew wants to make his business bigger by generating more profit and revenues, what is this considered?
  3. 6. This system is mostly used in rural areas and uses techniques such as subsistence farming, hunting, fishing, and gathering.
  4. 8. good: Elijah buys a printer, but the printer needs a cartridge. What is the cartridge considered?
  5. 10. This is when prices increase over time
  6. 11. This is when there is only one type of product or service, helping the business become specialized in this area.
  7. 13. This causes the stock market to fall
  8. 16. This is a market where you can buy long-term investments, such as stocks or bonds.
  9. 17. The number of services or goods a business can give to people at a certain cost/price
  10. 18. This is when as the prices get higher, people tend to not want that particular product anymore.
  11. 19. confidence This measures how consumers feel about the state of the economy
  12. 20. The price of coffee increased so people started buying tea instead. What can tea be considered in this situation?
  13. 22. when a company is at its highest point of succession
  14. 26. When supply and demand cross, as a result the prices become stable