KENZO APPLIED ECONOMICS

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Across
  1. 3. Refers to the market situation where there is one seller and there is no close substitute to the commodities sold by the seller
  2. 7. _____ wage is the minimum amount of remuneration that an employer is required to pay a worker
  3. 10. _____ scarcity is when supply is limited
  4. 13. _______ cost refers to the value of the best foregone alternative
  5. 14. Any firm can ______ or leave the industry whenever it wishes
  6. 15. It is a property in which the owner receives payments from the occupants
  7. 17. A market situation in which there are FEW firms producing differential goods
  8. 20. A form of market in which there are large numbers of sellers selling differentiated products which are similar in nature but not homogenous
  9. 21. it is an art of turning idea into business
  10. 24. Quantities of a particular good or service consumers are willing and able to buy at different possible prices
  11. 26. A mandatory financial Charge imposed upon a taxpayer by a governmental organization
  12. 27. Most democratic form of economic system
  13. 30. The amount of a product that is offered for sale at all possible prices in the market
  14. 31. Is a good that can be used in place of another
  15. 32. is when a good is scarce compared to its demand
  16. 36. Specific type of oligopoly where there is only two producers exist in one market
  17. 37. Man-made resources used in the production of goods and services
  18. 38. Refers to using one’s savings in a way that earns a return
  19. 39. Is a division of economics that is concerned with the overall performance of the entire economy
Down
  1. 1. ______ goods are goods identical in quantity, shape, size, colour, and packaging
  2. 2. goods are things that are often sold or used together
  3. 4. A state in which the supply and demand for a given good or service are in balance
  4. 5. In traditional economy, methods are ______
  5. 6. Desires for non-essential items
  6. 8. Price is ____, A feature of perfect competition
  7. 9. Soil and natural resources that are found in nature and are not manmade
  8. 11. An economic system wherein decisions are based on traditions and practices upheld over the years and passed on from generation to generation
  9. 12. _____ competition is a Market Structure in which large number of sellers sell a homogenous product at uniform price
  10. 16. ______ Resources came from nature that are used in production
  11. 18. Physical and human effort exerted in production
  12. 19. The law of demand describes how price affects _______
  13. 22. Is a condition where there are insufficient resources to satisfy all the needs and wants of a population
  14. 23. When income goes up, Consumers buy _____
  15. 25. described economics as the study of mankind in the ordinary business life
  16. 28. it is an Increase in value of an asset overtime
  17. 29. An asset or item acquired with the goal of generating income
  18. 33. Is the study of production, distribution, Selling and use of goods and services
  19. 34. The authoritative economic system
  20. 35. The essentials of life such as food and shelter
  21. 36. When price goes up, demand goes ____