Economics Vocabulary

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Across
  1. 4. When people depend on one another- often goes along with specialization
  2. 6. When a good or service is in short supply. (Having a limited amount of something)
  3. 8. The stop of all trade between two countries. This is usually done for political reasons (war with a country, not agreeing with their government, not supporting terrorism)
  4. 9. Total percentage of people in a population who can read and write
  5. 12. Tax on goods imported or exported
  6. 13. Someone who makes/produces a good
  7. 14. High GDP, high literacy rate, high investment in the four productive resources
  8. 18. Taking a risk to start his/her own business
  9. 20. When you make a choice between two or more things, what you DON'T choose would be this
  10. 21. Changing from one type of currency to another in order to purchase goods across the world market
  11. 26. Factories, machinery, roads, buildings
  12. 27. Human Capital, Capital, Natural Resources, Entrepreneurship
  13. 28. Something you have
  14. 30. Any kind of work performed for others
  15. 31. The economy of aborigines, they produce only what they need to survive and produce things that same way they did in the past
  16. 32. Having a limited amount of something
  17. 33. Low GDP, low literacy rate, low investment or no investment in the four productive resources
  18. 34. A person who purchases goods and services for personal use
Down
  1. 1. When you or a company is a professional at a certain task. Then everyone comes together to produce something
  2. 2. If the supply is high, the demand is low. If the supply is low the demand is high
  3. 3. Government-imposed restrictions on international trade (Goods being imported/exported)
  4. 5. Total amount of all goods and services produced in a country in a year
  5. 7. What to produce, how to produce, for whom to produce
  6. 10. A nation's form of money
  7. 11. Any kind of merchandise you can purchase
  8. 15. An economy where both the government and consumers decide what to produce, how to produce, and for whom to produce
  9. 16. An economy where consumers answer the basic questions and prices are set by supply and demand
  10. 17. Something you want
  11. 19. An economy where the government owns everything and decides what to produce, how to produce, and for whom to produce
  12. 22. Education, healthcare, training of workers
  13. 23. A limit on the amount of foreign goods that can be imported. This protects domestic goods (goods made in the home country)
  14. 24. Resources that come from nature
  15. 25. The degree of wealth and material comfort. Housing, food, health care, educational opportunities, and income available to the people in a country
  16. 29. To trade NOT using money---Ex: I will trade 2 goats for 3 chickens. Often done in traditional economies