Economics Final Exam Study Guide

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Across
  1. 2. A underutilization of resources on a PPC.
  2. 9. The country's economic worth divided by the people
  3. 10. Required by humans to survive.
  4. 11. Chart that shows the market desire based on quantity and supply
  5. 12. Grid used to view all opportunity costs.
  6. 14. Things humans desire.
  7. 16. Goods that are non-rivalrous and non-exclusive.
  8. 18. The value of an entire country's economy
  9. 22. Econ. system with no government interference
  10. 23. Econ. system that mixes government and freedom
  11. 24. The work put into the creation of products by humans.
  12. 25. The value of a particular product compared to the amount of labor needed to make it.
  13. 26. All raw natural materials.
  14. 27. Government programs meant to protect consumers and producers
  15. 30. Skills and Knowledge.
  16. 31. Third party results of an economic decision.
  17. 33. The study of scarcity and choice.
  18. 34. The money or capital saved from making a purchase
  19. 36. Metaphors coined by Adam Smith about the Free Market
  20. 38. Econ. system with full government control
  21. 39. Occurs when there are limited resources for unlimited wants and needs.
  22. 40. The creation of a business.
  23. 41. The cycle of economics that has periods of expansion followed by contraction.
  24. 42. Tools and Buildings.
Down
  1. 1. The ability to agree freely to selling and buying what you want.
  2. 3. Econ. system based on trade and old values
  3. 4. Goes to the sky (up)
  4. 5. A point outside the curve on a PPC.
  5. 6. This deals with economics in smaller units like individuals and firms.
  6. 7. Charts used to show trade offs with resources.
  7. 8. Goes to the dirt (down)
  8. 13. The 4 classifications of creating goods and services.
  9. 15. Separating workers jobs when creating goods and services for efficiency.
  10. 16. All possible production possibilities on a PPC.
  11. 17. When an economic system malfunctions and fails to distribute resources well.
  12. 19. What is given up in a decision.
  13. 20. The revenue taken by the government
  14. 21. What to produce? How to produce? For whom to produce?
  15. 28. All human-made resources.
  16. 29. Often this deals with large scale units in the economy like the government.
  17. 32. Takes place when people want something producers are unable or unwilling to make.
  18. 35. The money or capital made from selling a good or service
  19. 37. Goods that are rivalrous and exclusive.