Economics Project

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Across
  1. 2. represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
  2. 4. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
  3. 5. assumes minimum cost for the production of a good or service, maximum output, and maximum surplus from the operation of the market.
  4. 7. an economic concept that refers to man-made elements employed to produce goods or services.
  5. 8. the social science that studies the implications of incentives and decisions, specifically about how those affect the utilization and distribution of resources
  6. 9. the knowledge, skill, training, and experience that individuals need to produce goods and services within their economy.
  7. 13. The transfer of ownership, property or business from the government to the private sector is termed privatization.
  8. 14. an individual who pays some amount of money for the thing required to consume goods and services.
  9. 16. a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.
  10. 18. where one thing increases and another must decrease.
  11. 19. an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
  12. 22. The effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.
  13. 23. a marketplace where securities, commodities, derivatives and other financial instruments are traded.
  14. 24. is the ability of people of a society to take economic actions.
  15. 26. an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
  16. 27. products bought for consumption by the average consumer
  17. 29. an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.
  18. 30. The action of helping or doing work for someone
  19. 31. an absence of excessive fluctuations in the overall economy.
  20. 32. is the social science that studies how people interact with things of value.
  21. 33. an increase in the production of economic goods and services, compared from one period of time to another.
  22. 39. natural assets (raw materials) occurring in nature that can be used for economic production or consumption.
  23. 40. an act of trading goods or services between two or more parties without the use of money
  24. 43. a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale.
  25. 47. physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
  26. 48. when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized.
  27. 51. a graph that shows all of the different combinations of output that can be produced given current resources and technology.
  28. 52. an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
  29. 53. The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
  30. 54. the total satisfaction received from consuming a good or service.
Down
  1. 1. items that satisfy human wants and provide utility,
  2. 3. the marketplace where final goods or services are sold to businesses and the public sector.
  3. 6. demonstrates how money moves through society. Money flows from producers to workers as wages and flows back to producers as payment for products.
  4. 10. The state of being in short supply.
  5. 11. an area of the production, distribution and trade, as well as consumption of goods and services by different agents.
  6. 12. what is used in the production process to produce output—that is
  7. 13. someone who creates and supplies goods or services.
  8. 15. economic system is based on customs, history and time-honored beliefs.
  9. 17. an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise.
  10. 20. refers to the action of a government taking control of a company or industry, which generally occurs without compensation for the loss of the net worth of seized assets and potential income.
  11. 21. a market in which companies buy the factors of production or the resources they need to produce their goods and services.
  12. 25. the difference between the revenue a business has received from its outputs and the opportunity costs of its inputs.
  13. 28. the separation of tasks in any economic system or organisation so that participants may specialize
  14. 32. an expert who studies the relationship between a society's resources and its production or output.
  15. 34. A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
  16. 35. a measure of the benefit provided by a good or service to an economic agent.
  17. 36. the interconnected worldwide economic activities that take place between multiple countries.
  18. 37. the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
  19. 38. is the science of modeling technology change, markets and value creation including business models.
  20. 41. a branch of economics that studies how an overall economy—the market or other systems that operate on a large scale—behaves.
  21. 42. the ability of individuals and families to maintain sufficient income to consistently meet their basic needs
  22. 44. The division of resources into shares or portions.
  23. 45. a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date
  24. 46. a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use).
  25. 49. a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange.
  26. 50. any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.