Economics Exam

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Across
  1. 2. The human effort used in the production of goods and services.
  2. 4. The amount of goods or services producers are willing to make and sell.
  3. 5. The responsiveness of quantity demanded to a change in price.
  4. 7. A tangible item that satisfies human wants or needs.
  5. 9. The condition that arises because wants exceed resources.
  6. 11. The philosopher who wrote "The Wealth of Nations."
  7. 12. The point where the supply and demand curves intersect.
  8. 13. The term for natural resources used in production.
  9. 15. The tools and equipment used in production.
  10. 18. The agency responsible for managing the U.S. money supply.
  11. 19. The study of how people allocate scarce resources.
Down
  1. 1. The type of economy based on customs and traditions.
  2. 3. The person who takes risks to start a business.
  3. 4. The term for goods that are used in place of one another.
  4. 6. The value of the next best alternative forgone.
  5. 8. A graphical representation of the relationship between price and quantity demanded.
  6. 10. The economic system where the government makes all major decisions.
  7. 14. A situation where resources are not being used efficiently.
  8. 16. A payment made to workers in exchange for their labor.
  9. 17. The driving force behind competition and innovation in a free market.