Economics Vocabulary Practice

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Across
  1. 5. How much of a resource or product is available.
  2. 7. How much of a resource or product is wanted.
  3. 8. When a country tries to export more than it imports so they make more money.
  4. 10. When there is private ownership of business and supply/demand determine how products are produced and distributed.
  5. 11. Goods and services sold to a foreign country.
  6. 12. When all goods and resources are owned by the community or the government and all wealth and work are shared equally.
  7. 14. When there is not enough of a product or resource available.
  8. 15. literally – ‘Work’, or one’s ability to work; performing labor results in economic value
Down
  1. 1. When people exchange goods and services for land and protection.
  2. 2. When production and distribution of goods is tightly controlled by the government.
  3. 3. the loss of potential gain from other alternatives when one alternative is chosen
  4. 4. Wealth in the form of money, resources, or assets.
  5. 6. When the government owns and controls the production and distribution of goods so that there is equal wealth among citizens.
  6. 9. When buyers/sellers can carry out business with little government oversight or regulation.
  7. 13. Goods and services bought from a foreign country.