Economics Review by {Tommy Dean}

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