Principles of BMF - Unit 1a Vocabulary

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Across
  1. 3. (3 words)states that when price increases, consumers will demand less of a product since it is less affordable
  2. 5. the amount of a good or service that producers are willing and able to offer for sale at various prices
  3. 7. decisions about what/how to produce and for whom to produce it is determined by supply and demand in this type of economy
  4. 9. the phase of the business cycle when investors become pessimistic
  5. 10. when in economic trough, we might begin to see signs of this
  6. 12. the lowest point of the business cycle
  7. 13. (2 words)skills that use technology to communicate, collaborate, and solve problems effectively and responsibly (2 words)
  8. 17. computer systems that can perform tasks that usually require human intelligence
  9. 18. a country experiencing rapid economic growth has this type of economy
  10. 19. an economy in which decisions about what to produce, how to produce it, and for whom are based on customs, traditions, and beliefs
  11. 20. (2 words)an economic system based on private ownership, free trade, and limited government involvement
  12. 22. the amount of a good or service that people are willing/able to buy at various prices
  13. 23. (3 words)states that when price increases, producers are willing to make more of a product; as it decreases, producers are less willing
Down
  1. 1. the ability to function in a world where communication and information are shared through tech - phones, internet, social media, etc
  2. 2. an economy in which some decisions are made by the government and others by private businesses and individuals
  3. 4. the highest point of a business cycle
  4. 6. during economic contraction, businesses may need to do this to employees (2 words)
  5. 8. what the I stands for in AI
  6. 11. an economy in which the government controls all economic decisions
  7. 14. one of the new ways AI can provide customer service and support online
  8. 15. occurs when the quantity of a product that producers are willing to supply matches the quantity consumers demand at a specific price
  9. 16. the phase of a business cycle when business grows
  10. 21. the limited nature of resources compared to the unlimited wants and needs of humans