Review...Again - Economics

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