Exam Review - Economics

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Across
  1. 5. Opportunity cost states that there is no such thing as a ________ lunch. There is always a cost for the choices you make.
  2. 7. The key to trade is __________.
  3. 10. Consists of 27 member states in Europe; also known as the European Community (EC).
  4. 13. All resources are limited.
  5. 15. Goods purchased from another country and brought into a home country (coming into a country).
  6. 18. A good that is unable to be touched or grasped, not having physical presence. Another name for "service."
  7. 19. A factor of production; people who invest time and money to run a business.
  8. 22. An example of this kind of good is hot dogs and hot dog buns, waffles & syrup. When one price goes up, it may affect the sales of the other.
  9. 23. When producers make too much of a product and have to reduce the price to sell it.
  10. 26. This acronym represents an agreement that was signed by 23 countries; it did away with import quotas and reduced the price of tariffs.
  11. 27. There is an opposite relationship between price and quantity. When the prices goes down, consumers buy more.
  12. 32. The study of the way a nation (or business or person) uses its limited resources to satisfy unlimited wants and needs.
  13. 33. When the price of one country's currency is described in terms of another country's currency.
  14. 40. A listing that shows the quantity demanded (of a product) at all prices that may occur in a market at a given time.
  15. 41. Goods bought and used by customers, rather than by manufacturers for producing other goods.
  16. 43. In this type of economy, government controls the factors of production.
  17. 44. Goods we buy often and can't live without (toothpaste, water, milk, bread).
  18. 46. The study of the economics of a small unit, such as a family or business.
  19. 47. This economic system is commonly found in rural settings or in 2nd/3rd world nations.
  20. 48. The way a nation uses its productive resources to produce and distribute goods and services.
Down
  1. 1. This concept means less government involvement; supply and demand will govern the market by themselves, there's no need for government interference.
  2. 2. The quantities of a product consumers are willing and able to buy at various prices given a period of time.
  3. 3. This acronym represents a tax in Europe that is distributed to members based on need.
  4. 4. Limits based on the quantities that can be imported.
  5. 6. Goods sold from a home country to another outside country (going out of a country).
  6. 8. In this type of economy, there is market competition and private ownership of land.
  7. 9. When producers do not make enough of a product.
  8. 11. There is a direct relationship between price and quantity. If sellers can get a higher price, they will make more of a product.
  9. 12. An order by government prohibiting movement of ships into or out of ports.
  10. 14. The quantities of a product that sellers are willing and able to produce at a given price.
  11. 16. The single currency in Europe that replaced individual nation currencies.
  12. 17. This acronym represents a trade organization that consists of 142 countries around the world.
  13. 20. A good meant to last for a short time or have a one-time use.
  14. 21. Inexpensive items that require little effort to buy, usually unplanned purchases.
  15. 22. A factor of production; money, buildings, equipment and tools used to run a business.
  16. 24. When a country is able to produce more of a given product than another, it has a(n) __________.
  17. 25. When a country earns more on exports than it spends on imports, there is a ________.
  18. 28. The study of the economics of an entire country.
  19. 29. The point where the supply curve and the demand curve intersect.
  20. 30. A factor of production; everything contained in the earth or sea.
  21. 31. When a country spends more on imports than it earns on exports, there is a ________.
  22. 34. This acronym represents an agreement that made trade easier among the U.S., Canada, and Mexico.
  23. 35. In this type of economy, there is more government involvement than capitalist nations, but government runs key industries such as transportation and banking.
  24. 36. Any good you can physically touch.
  25. 37. The amount earned when calculating the equilibrium (price x qty).
  26. 38. The Father of Economics.
  27. 39. A good meant to last for years.
  28. 42. A factor of production; all people who work.
  29. 45. Taxes placed on imports.