Economics Review Part 1

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Across
  1. 3. business owned by a single individual (sole)
  2. 6. type of economy the US has
  3. 9. costs that do not change no matter how much of a good is produced
  4. 11. amendment that protects private property
  5. 12. those who make use of goods and services
  6. 15. the fundamental economic problem
  7. 17. owners have part ownership in a corporation
  8. 19. demand that is not sensitive to price
  9. 20. slope of supply curve
Down
  1. 1. owners have to pay royalties
  2. 2. slope of supply curve
  3. 4. increase in demand (shift)
  4. 5. what happens to the demand curve when something other than price changes
  5. 7. price at which quantity demanded equals quantity supplied
  6. 8. decrease in demand (shift)
  7. 10. land, labor, and capital are factors of this
  8. 13. favored free enterprise and private property
  9. 14. shows the opportunity costs involved in alternative ways a country chooses to use its productive resources
  10. 16. demand that is sensitive to price
  11. 17. according to this law, producers offer less of a good when the price decreases and more when it increases
  12. 18. everything has a hidden cost
  13. 21. price and quantity move in inverse/opposite directions