Review Economics
Across
- 3. Guarantees equal standard of living for everyone
- 5. Nations use ____to determine how to use their limited resources effectively
- 6. How much of a good or service a producer is willing and able to produce at different prices.
- 7. people’s knowledge, efforts, and skills used in their work
- 9. the ______produces cars and health care
- 11. The US has the ______national economy in the world
- 12. Corporations and other private firms make the majority of ____decisions
- 14. Found in rural, under-developed countries–
- 18. The point at which the supply and demand curve meet is known as the___ and quantity
- 19. When the price is low, demand ______ and businesses produce more goods
- 20. Resources recognize the need for new goods or service
- 21. (FDA)regulatory agency
- 24. used to produce goods and services (buildings, materials, and equipment)
Down
- 1. Resources raw materials found in nature that are used to produce goods
- 2. Businesses and consumers decide what they will produce and purchase and in what quantities
- 4. some form of private enterprise exists but the state owns major resources
- 7. When the demand is ____, competitors see opportunity in the market.
- 8. An individual’s need or desire for a good or service at a given price.
- 10. A supply and demand graph is a _____ of supply and demand.
- 13. The graph can help _____ the performance of the product over time
- 15. a _____ market economy does not exist
- 16. Example of a mixed economy
- 17. shortage of resources
- 22. and example of a natural resource
- 23. Combination of a market and a command economy
- 25. When the price is_____ the equilibrium price, fewer people are willing to buy
- 26. Schools and other public ______ services