Introduction to Economics

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Across
  1. 1. A public good that individuals cannot be excluded from consuming.
  2. 4. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
  3. 6. A person who receives the benefits of a good without paying for it.
  4. 10. A graphic representation of all possible combinations of two goods that an economy can produce.
  5. 11. Tasks that people pay others to perform for them.
  6. 14. An economy that is neither purely capitalist nor purely socialist; an economy that has some elements of both capitalism and socialism.
  7. 17. An agreement between two or more people to do something
  8. 19. The amount of money left over after all the costs of production have been paid. It exists when total revenue is greater than total cost.
  9. 21. A government plan specifying economic activities, such as what goods will be produced and what prices will be charged.
  10. 22. An adverse side effect of an act that is felt by others.
  11. 24. The amount of money by which total cost exceeds total revenue.
  12. 26. The science that studies the choices of people trying to satisfy their wants in a world of scarcity
  13. 28. Anything that satisfies a person's wants or brings satisfaction; also tangible products.
  14. 32. A good for which one person's consumption does not take away from another person's consumption.
  15. 33. Able to be felt by touch. Ex. a book.
  16. 34. The quality of bringing satisfaction or happiness.
  17. 35. The quality of bringing dissatisfaction or unhappiness.
  18. 36. The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
  19. 38. Something that we desire to have
  20. 40. An explanation of how something works, designed to answer a question for which there is no obvious answer
  21. 41. A phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the world; the growing integration of the national economies of the world to the degree that they could merge and operate as a single worldwide economy.
  22. 42. An economic system in which individuals (not the government) own most, if not all, the resources and control their use. The government plays only a small part in the economy.
  23. 44. The economic relationships that exist between different economic groups in an economy.
  24. 46. The condition in which our wants are greater than the resources available to satisfy them.
  25. 47. A sense of how the world works.
  26. 48. The belief that all value in produced goods is derived from labor.
  27. 49. The term used to describe work done for a company by persons other than its employees in a country other than the one in which the company is located.
Down
  1. 2. A public good that individuals can be physically excluded from consuming.
  2. 3. An economic unit of one person or more that sells resources and buys goods and services.
  3. 5. The branch of economics that deals with human behavior and choices as they relate to relatively small units--individuals, business firms, and single markets.
  4. 7. Property Any good that is owned by an individual or a business.
  5. 8. Value The difference between the total value of production and the subsistence wages paid to workers.
  6. 9. An economic system in which the government controls and may own many of the resources.
  7. 12. Anything that is used to produce goods or services, for example a person's labor may be used to produce computers, TV sets.
  8. 13. Produced goods that can be used as resources for further production. Factories, machines, and farm tractors are capital.
  9. 15. The way all the income earned in a country is divided among different groups of income earners.
  10. 16. A good for which one person's consumption takes away from another person's consumption.
  11. 18. All the natural resources found in nature. Acres of wheat fields, mineral deposits, and water in a stream are all considered land.
  12. 20. Not able to be felt by touch. Ex. A Lecture
  13. 23. Something that encourages or motivates a person to take action.
  14. 25. A beneficial side effect of an action that is felt by others.
  15. 27. A person who has a special talent for searching out and taking advantage of new business opportunities.
  16. 29. The most highly valued opportunity or alternative given up when a choice is made.
  17. 30. The principles of conduct, such as right and wrong, morality and immorality, good and bad
  18. 31. A means for deciding who gets what portion of the available resources and goods.
  19. 37. In economics, means "additional"
  20. 39. Property Any good that is owned by the government.
  21. 43. System The way in which a society decides what goods to produce goods, and for whom goods will be produced.
  22. 45. A situation in which having more of one thing necessarily means having less of something else.