Unit 1/2 Terms

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Across
  1. 3. people making their own economic decisions
  2. 6. necessary to meet the growing populations demand for better goods and services
  3. 8. a central authority directs or decisions what, how, and for whom to produce everything
  4. 12. production from adverse economic conditions, such as layoffs or illness
  5. 13. the ability to produce a good at a lower opportunity cost than another producer
  6. 15. system that stems from ritual, habit, or custom; "this is the way we've always done it"
  7. 16. physical objects that are produced
  8. 19. a shared good or service paid for by tax dollars
  9. 21. combination of systems that allows the free market to operate but with government regulations, limitations, or restrictions to best help the consumer
  10. 22. a short term scarcity of an item when demand suddenly rises or supply suddenly drops
  11. 23. study of all economics or on a large scale like a country
  12. 26. something required for survival
  13. 28. factors of production being used wisely
  14. 32. giving up one benefit to gain another, greater benefit
  15. 34. the ability to produce more of a good than another person, company, or country
  16. 35. knowing goods and services will consistently be available
Down
  1. 1. the development of skills in a specific kind of work or division of labor; focusing talents on one thing
  2. 2. the economic system providing as many jobs as possible to provide for families/citizens
  3. 4. helps people feel a level of certainty about the future/be able to budget or predict prices
  4. 5. land, labor, capital, entrepreneurship
  5. 7. people and firms acting in their own best interest to answer what, how, and for whom
  6. 9. equal pay for equal work/skill level
  7. 10. what to produce, how to produce, and for whom to produce
  8. 11. study of a small part of economics like a business
  9. 14. government rules for a market
  10. 17. a consequence for making a choice
  11. 18. the structure of methods and principles a society uses to produce and distribute goods and services
  12. 20. what you give up or sacrifice when making a decision
  13. 24. a reduction or eliminations of government rules for a market
  14. 25. study of how people seek to satisfy theirs needs and wants by making choices
  15. 27. limited amounts of goods/services for unlimited wants
  16. 29. something we desire but can live without
  17. 30. actions and activities that a person performs
  18. 31. improving upon existing technology in order to improve efficiency
  19. 33. exchange of goods, resources, and/or services