Economics Part I Review
Across
- 1. The 3 basic economic questions a nation must answer are: (1) What goods and services will be produced, (2) How should the goods and services be produced and (3) For ___________ should the goods and services be produced?
- 8. This type of good is for you and me.
- 10. Mixed economy is another name for ___________.
- 12. Examples of this type of economy include Haiti, Alaska, Canada & Greenland.
- 13. This means that all resources are limited.
- 14. The top level of the hierarchy in the channel of distribution is the ___________ (in our example, the farmer).
- 16. Another name for market economy is this.
- 21. Goods or products that you can touch (car/computer).
- 22. Adam ___________ is known as the "Father of Economics".
- 23. The 4 factors of production are Land, labor, entrepreneurship & ___________.
- 24. Another name for a command economy is this.
- 26. Another name for service, such as education & repairs.
- 27. Tools are an example of this factor of production.
Down
- 2. The study of economics of a small unit, such as a family or business.
- 3. The "Invisible Hand" means there is less ___________ involvement.
- 4. The economic regulator in a capitalist economy is ___________.
- 5. Economics is the study of the way a nation (or business or person) uses its limited resources to satisfy ___________ wants and needs.
- 6. This type of good is used for manufacturing other goods.
- 7. Human resources is another name for this factor of production.
- 9. The study of economics of an entire country.
- 11. Coal is an example of which factor of production?
- 15. This is the "cost" incurred by enjoying the benefit associated with the best alternative choice. (two words)
- 17. Adam Smith wrote a book about capitalism entitled, "The ___________ of Nations".
- 18. This type of good is meant to last for years (tires, furniture).
- 19. This type of good is meant to last a short time or have a one-time use (food, paper, cleaners).
- 20. Economics is the study of ___________ and choices.
- 22. The economic driver in a capitalist economy is ___________. (hyphenated word with no hyphen).
- 25. The president who used opportunity cost to defend his choice in purchasing military warfare was Dwight D. ___________.