Economics Vocab Quiz | Lessons 1-3

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Across
  1. 3. A situation where people exchange goods and services directly, rather than using money in an intermediary transaction.
  2. 5. A person's performance of a task that another person values because it helps to satisfy preferences.
  3. 6. The fact, caused by scarcity, that making one choice means that other choices become unavailable.
  4. 7. The condition of desires exceeding the available resources to satisfy them.
  5. 8. A form of reasoning that starts from one or more axioms and moves step-by-step to reach a conclusion.
  6. 10. A school of thought that blames recessions on government interference with the economy, and recommends tax and spending cuts to help the economy during a recession.
Down
  1. 1. A term common in economics textbooks to describe how much value a person gets from a good or service.
  2. 2. An activity undertaken for a conscious reason
  3. 4. Scarce physical items that an individual values because they can help to satisfy his preferences.
  4. 9. The study of exchanges.