economics vocab 1

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Across
  1. 3. benefits or costs of an action that influence peoples decisions and behavior
  2. 5. focuses on the workings of an economy as a whole
  3. 6. use of government spending and taxation to influence the economy
  4. 9. unlimited wants + limited resources
  5. 13. balance that remains when all of a business´s operating expenses are subtracted from its revenues
  6. 15. the inputs used to produce a good or service in order to produce income
  7. 18. how much a certain product, item, commodity, or service suppliers is willing to make available at a particular price
  8. 21. a rise in prices
  9. 22. what you give up when you make a choice
  10. 23. offering better products at a cheaper price creating turbulance
Down
  1. 1. looks at economic decision making by individuals, households, and businesses
  2. 2. targeted fiscal and monetary policy intended to elicit an economic response from the private sector
  3. 4. when an individual who is not employed
  4. 7. highest valued trade off is the next best alternative
  5. 8. a situation where the demand does not meet the supply of goods and services
  6. 10. one that acquires goods or services for direct use or ownership rather than for resale
  7. 11. cost of borrowing money, expressed as a percentage of the amount borrowed
  8. 12. how much of that product, item, commodity, or service consumers are willing and able to purchase at a particular price
  9. 14. relating to money
  10. 16. relationship between consumers and producers who benefit from a transaction
  11. 17. a market in which the industry is dominated by a few companies that are each influential participants in the market
  12. 19. leave alone
  13. 20. a market structure where a single seller or producer assumes a dominant position in an industry