Economics Review

6. A significant, widespread, and prolonged downturn in economic activity
8. The study of how people use limited resources to satisfy limitless wants
9. A tax on imports or exports
10. A measurement of all the goods and services produced in a country in a given year
12. During a severe winter, most of the strawberry crop in the country is destroyed. What will happen to the price of strawberries?
15. To support the Ukraine, the U.S. has banned most trade and financial transactions with Russia and others. This is an example of a(n) ______
16. One of the four Factors of Production
17. "That's a great sale on ear buds. I'll get a pair for myself and a pair for my sister for her birthday." This is an example of what principle?
18. Type of economy where the laws of supply and demand determine price, and what and how much will be produced
20. A fall in the purchasing power of money due to rising prices
21. The U.S. would be an example of a _____ economy

1. The participant in an economy that both produces and consumes
2. "If it take this job, I may not be able to got to college and receive my degree."
3. The wealth and resources of a country or region in terms of production and consumption of goods/services
4. A part of an economy that attempts to resolve market failures
5. Being sold out of tickets for a concert you want to attend, would be an example of __________.
7. A company that buys computer chips from Japan and sells them to companies in the U.S. is involved in what type of business?
11. In the strawberry example, what economic principle is at play
13. Type of economic system in which the government makes all decisions about production
14. A severe and long lasting recession, marked especially with increased unemployment
19. A $5,000 cocktail dress would be an example of a ______