Economics Final Review

Across

2. The Law of _______________ Marginal Utility states that the more you get of something, the less satisfaction you experience with every additional unit received (the fifth piece of cake doesn't taste as good as the first piece did)
5. Money that a business makes after they cover all costs of production
7. Law of economics that states that if the price of something goes up, the quantity demanded goes down
9. Money that is awarded, usually for education, that does not have to be paid back
10. A type of international trade barrier that essentially restricts trade with a country or group of countries
11. The original amount of a loan, before interest is added
12. The money it costs to take out a loan, usually paid over time
13. The main problem in economics, never enough resources to meet everyone's needs and wants
16. The ______________ rate is a percentage of the population currently not working, but actively looking for a job
18. Money that is awarded by an educational institution on the basis of merit
21. When one producer has total or almost total control of the production of a specific product and is able to set the price and supply at will
22. An economic state characterized by shrinking job options, low investment returns and overall economic hesitancy
23. The demand ___________ can be shifted left or right based on a variety of factors
25. A method of accruing interest, which is characterized by regularly adding interest to the principle amount, then building interest on top of interest--great for investors, bad for borrowers
29. Temporary condition where there is not enough supply to meet demand
30. The participant of economics that ultimately controls price and supply
33. A personalized list of projected income and expenses meant to help someone keep track of spending and saving
34. The four stages of this are expansion, peak, retraction, and trough
36. Money taken from a paycheck and sent to the state or federal government
37. This number, between 300-850 is what lenders check before loaning money--Dave Ramsey calls is an "I love debt score"

Down

1. A general increase in prices and the fall of the general value of money, the US is experiencing record-high levels of this currently
3. This is a person who takes a financial risk to produce and sell a product, usually motivated by profit
4. This term, when discussing the stock market, means to invest in many different stocks to avoid unnecessary risk
6. This is a motivation for entrepreneurs, to sell a new piece of technology that would improve the lives of the public
8. A budget that intentionally gives every dollar a name, making goal-setting and saving easier and leaving no questions about how much money is meant for spending in which category
14. The amount of money someone owes subtracted from the amount of someone's total assets
15. This type of economy is based on government control of factors of production, supply is heavily regulated and prices are based on creating equal access for consumers
17. The three basic economic questions ask: what to _____, for whom to _________, and how much to __________.
19. Land, labor, and capital are all factors of _______________.
20. The money someone owes after borrowing
24. The ______________ price is the point at which the supply and demand curve intersect, showing the best price point and production amount for a product
26. The next best alternative to an economic choice is called the _______________
27. Law of economics that states that if the price of something goes up, the supply will go up
28. The three economic _______________ are consumers, firms, and the government
30. When there are several different producers of a specific product, allowing consumers the freedom of choice
31. A piece of ownership in a company that is available for purchase
32. This type of economy is purely based on competition, the "invisible hand" and is not regulated by the government
35. This type of economy is a mixture of market and command economies, and is the type of economy in the US