Economics Review by T'niyah Shavers

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Across
  1. 6. The amount earned when calculating the equilibrium (price x quantity)
  2. 10. Workers with less skills, talent or education are replaced by machines to do their jobs.
  3. 11. A factor of production; money, buildings, equipment and tools used to run in a business.
  4. 14. Unemployment resulting from changes in weather or demand for the product.
  5. 18. stops going down.
  6. 20. The study of the economics of an entire country.
  7. 21. A factor of production; all the people who work.
  8. 23. The quantities of a product consumers are willing and able to buy at various prices given a time period.
  9. 27. This concept means less government involvement; supply and demand will govern the market by itself, there’s no need for government interference.
  10. 28. There is a direct relationship between price & quantity. If sellers can get a higher price, they will make more of a product.
  11. 31. The point where GDP stops growing.
  12. 33. An example of this kind of good is hot dogs and hot dog buns, waffles & syrup. When one price goes up, it may affect the sales of the other.
  13. 35. A decrease in the general price level.
  14. 36. Workers who are between jobs for whatever reason.GDP The dollar amount value of all final goods and services produced within a country’s borders in a year.
  15. 37. Statistics that describe how well an economy is performing.
  16. 40. Reports on prices changes for goods.
  17. 41. In this type of economy, there is more government involvement than capitalist nations, but government runs key industries such as transportation and banking.
Down
  1. 1. Unemployment directly related to swings in the business cycle.
  2. 2. The way a nation uses its productive resources to produce and distribute goods and services.
  3. 3. This economic system is commonly found in rural settings in 2nd or 3rd world nations.
  4. 4. When producers do not make enough of a product.
  5. 5. The point where the supply curve and demand curve intersect.
  6. 7. A severe recession with high unemployment; very rare.
  7. 8. The study of the economics of a small unit, such as a family or business.
  8. 9. When producers make too much of a product and have to reduce the price to sell it.
  9. 12. The rise in the general price level.
  10. 13. This type of economic system does not allow free enterprise; also called a command economy.
  11. 15. A factor of production; people who invest time and money to run a business.
  12. 16. Father of economics
  13. 17. A period of decline in the economy; the decline must last at least 6 months.
  14. 19. A listing that shows the quantity demanded (of a product) at all prices that might occur in a market at a given time.
  15. 22. A factor of production; everything contained in the earth or sea.
  16. 24. All resources are limited.
  17. 25. The dollar value of all final goods, services and structures produced in one year with labor and property supplied by US residents.
  18. 26. The quantities of a product that sellers are willing and able to produce at a given price.
  19. 29. A period of recovery from a recession.
  20. 30. In this type of economy, there is market competition and private ownership of business.
  21. 32. The study of the way a nation (or business or person) uses its limited resources to satisfy unlimited wants and needs.
  22. 34. There is an opposite relationship between price & quantity. When the price goes down, consumers buy more.
  23. 38. The turnaround point where
  24. 39. Opportunity cost states that there is no such thing as a ______ lunch. There is always a cost for the choices you make.