Economics Vocabulary

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