Economics Quiz

Across

4. A curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.
8. An economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
10. Marketplace where goods/services are sold to the public.
15. Materials or substances from Earth used for economic gain.
16. Refers to how resources are distributed to the people who desire the resource.
17. The enjoyment a consumer gets from a good or service.
18. The sum of activities that take place both within a country and between different countries.
20. A market where factors of production are bought and sold.
22. Is where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.
25. People engaging in trade with any person/business of their choosing and with their full consent.
27. Anything that helps us produce things faster, better or cheaper.
28. Economic system based on customs, history, and beliefs.
30. The process of an organization concentrating its labor and resources on a certain type of production to be more efficient and create a comparative advantage for an economy.
32. The ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit.
34. To turn a business or industry from public to private ownership/control.
36. The value of what you give up in order to get something else you want.
37. An economic system in which a centralized government controls the means of production and determines output levels
39. The study of what is likely to happen when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production.
41. A scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place.
44. Condition of having a stable income or resources to support a standard of living.
47. The alternative given up when an economic choice is made.
48. An expert who studies the relationship between a society’s resources and its outputs.
50. The separation of a work process into a number of tasks, with each task performed by a separate person or group of persons.
52. The monetary worth of a product or asset
53. The inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship and capital.
55. An act of trading goods or services between two or more parties without the use of money.
56. To turn a private business or industry under the control/ownership of the government.
57. A simplified representation of how money moves through society.
59. Resources being optimally allocated to serve their purpose in the best way while minimizing waste.
60. Encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town.
61. Human-made tools or machines used to manufacture goods and services.

Down

1. Any good purchased for consumption and not used later to produce another consumer good.
2. An increase in production capacity of an economy in a period of time.
3. The extent to which individuals are able to provide for themselves without external aid.
5. Transaction where two parties freely trade goods or services.
6. Components/raw materials used to produce goods and services.
7. Absence of excessive fluctuations in the macroeconomy.
9. A branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.
11. Economic and political system based on collective/common ownership of the means of production.
12. Items that satisfy human wants, provide utility or usefulness, and are scarce (have limited availability).
13. The ability of an individual or organization to obtain goods or services before payment, based on an agreement to pay later.
14. An individual who identifies a need in the marketplace and works to fulfill it.
19. Fairness in the distribution of goods and access to services throughout an economy.
21. An economic system that combines aspects of capitalism and socialism.
23. Resources being allocated in a way that maximizes output while minimizing cost and waste.
24. Someone who creates and supplies goods or services.
26. An economic system where production and prices are determined by unrestricted competition of private businesses instead of a central authority.
29. The legal framework that determines what an owner can do.
31. The study of scarcity and how it affects the use of resources, production, consumption, and distribution.
33. How much output can be produced with a certain set/amount of inputs.
35. A person who purchases goods or services for personal use.
38. Tangible assets such as buildings, machinery, and equipment used to produce consumer goods or services.
40. An economic activity (e.g., labor) offered as a product.
42. A centralized and generally accepted medium of exchange that facilitates transactions of goods and services.
43. The workforce along with their knowledge, skill, and experience needed to produce goods and services.
45. The situation where parties depend on each other for the exchange of goods and fulfillment of their necessities.
46. Translates to ‘leave me alone’ when it comes to economic intervention.
49. A marketplace where securities, commodities, derivatives and other financial instruments are traded.
51. When the demand for a good or service is greater than the availability of the good or service itself.
54. 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.
58. Financial amount that a business earns after subtracting costs.