Economics Vocab

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Across
  1. 2. the amount of a good or service that consumers are willing and able to buy at a certain price
  2. 5. a government rule or control
  3. 7. the amount of a good or service that producers are willing and able to sell at a certain price
  4. 8. a person who takes a risk to produce goods and services in search of a profit; may establish a business according to any 3 types of organizational structures
  5. 9. the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets
  6. 10. Food, clothing, water, air, shelter. Anything you need to survive.
Down
  1. 1. Land, money, equipement, machines, labor, tools, and everything that is used to make something else (goods and services)
  2. 3. things that we want like entertainment, vacations, and items that we would like to have to make life comfortable and enjoyable
  3. 4. one of the most fundamental principles in economics. Supply and Demand determines price and in theory will allocate resources in the most efficient way possible.
  4. 6. earnings after all expenses have been paid
  5. 7. The inability to satisfy all wants the same time; all resources and goods are limited choices must be made