Economics Vocab

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Across
  1. 2. An industry in which the inputs weigh more than the final products.
  2. 3. A service that primarily meets the needs of other businesses, including professional, financial, and transportation services.
  3. 6. A community’s collection of basic businesses.
  4. 8. Manufacturing based in homes rather than in factories, most common prior to the Industrial Revolution.
  5. 10. area The area surrounding a central place from which people are attracted to use the place’s goods and services (also known as hinterland).
  6. 12. the transition to new manufacturing processes in Europe and the United States, in the period from about 1760 to sometime between 1820 and 1840.
  7. 13. A market center for the exchange of services by people attracted from the surrounding area.
  8. 14. The minimum number of people needed to support a service.
  9. 16. Shipment of parts and materials to arrive at a factory moments before they are needed.
  10. 17. A service that primarily meets the needs of individual consumers, including retail, education, health, and leisure services.
  11. 18. A decision by a corporation to turn over much of the responsibility for production to independent suppliers.
  12. 19. A theory that explains the distribution of services based on the fact that settlements serve as centers of market areas for services; larger settlements are fewer and farther apart than smaller settlements and provide services for a larger number of people who are willing to travel farther.
  13. 20. These factors result from the unique characteristics of a location. These are labor, capital, and land.
Down
  1. 1. These factors involve transporting materials to and from a factory. A firm seeks a location that minimizes the cost of transporting inputs to the factory and finished goods to consumers.
  2. 4. An industry for which labor costs comprise a high percentage of total expenses.
  3. 5. The area surrounding a central place from which people are attracted to use the place’s goods and services (also known as market area).
  4. 7. The period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive re-organization of an economy for the purpose of manufacturing
  5. 9. International trade left to its natural course without tariffs, quotas, or other restrictions.
  6. 11. Makes something that gains volume or weight during production.
  7. 14. The transfer of goods or services from one person or entity to another, often in exchange for money. A system or network that allows trade is called a market.
  8. 15. A business that sells its products or services primarily to consumers outside the settlement.