Economics
Across
- 4. the impact of one person's actions on the well being of a bystander
- 6. curve a curve that shows the short run tradeoff between inflation and unemployment
- 7. cycle fluctuations in economic activity, such as employment and production
- 8. the study of how society manages its scarce resources
- 11. the study of how households and firms make decisions and how they interact in markets
- 12. the property of society getting the most it can from its scarce resources
Down
- 1. economy an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
- 2. the study of economy wide phenomena, including inflation, unemployment, and economic growth
- 3. cost whatever must be given up to obtain some item
- 4. the property of distributing economic prosperity fairly among the members of society
- 5. an increase in the overall level of prices in the economy
- 9. flow diagram a visual model of the economy that shows how dollars flow through markets and firms
- 10. possibilities curve a graph that show the combinations of output that the economy can possibly produce given the available factors of production and the available production technology