Economics Vocab

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Across
  1. 2. ceiling, A price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive.
  2. 4. the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
  3. 7. make (something needed or wanted) available to someone; provide.
  4. 8. elasticity, Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to increase in its price when nothing but the price changes
  5. 10. the part of the earth's surface that is not covered by water, as opposed to the sea or the air.
  6. 11. a thing that motivates or encourages one to do something.
  7. 13. cost, the loss of potential gain from other alternatives when one alternative is chosen.
  8. 14. the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
  9. 19. point - In mathematics, specifically in differential equations, an equilibrium point is a constant solution to a differential equation
  10. 20. demand, Inelastic demand is when the buyer's demand does not change as much as the price changes. When the price increases by 20% and the demand decreases by only 1%, demand is said to be inelastic. A similar situation exists when there is a decrease in price as people will continue to buy the product or service.
  11. 22. In trade, barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.
  12. 23. institutions, Colloquially, a depository institution is a financial institution in the United States that is legally allowed to accept monetary deposits from consumers. Under federal law, however, a "depository institution" is limited to banks and savings associations - credit unions are not included.
Down
  1. 1. an insistent and peremptory request, made as if by right.
  2. 3. work especially hard physical work.
  3. 5. wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
  4. 6. demand, Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to increase in its price when nothing but the price changes
  5. 7. the state of being scarce or in short supply; shortage.
  6. 9. of production, In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
  7. 12. institutions, non-depository financial institution. Government or private organization (such as building society, insurance company, investment trust, or mutual fund or unit trust) that serves as an intermediary between savers and borrowers, but does not accept time deposits.
  8. 15. Economy, Traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based.
  9. 16. Economy, an economy in which production, investment, prices, and incomes are determined centrally by a government.
  10. 17. market, A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, and precious metals
  11. 18. Economy, an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
  12. 19. the branch of knowledge concerned with the production, consumption, and transfer of wealth.
  13. 21. floor, A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective