Unit 7 Economics Vocab

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Across
  1. 1. category of the economy that relates to items purchased by individuals for personal use (not to create something else)
  2. 3. marketplace for the services of a factor of production
  3. 5. someone/something that buys (consumes) products
  4. 10. model showing how money flows through the economy
  5. 11. market price where the supply is equal to the demand (curves intersect on the graph)
  6. 12. wealth in the form of $ or other assets owned
  7. 13. economy type where everything is controlled by individuals (concerned with profit; competition)
  8. 15. the trade off you most likely would most like to do if you had not made your actual decision, loss of potential gain from other alternatives when one alternative is chosen
  9. 17. all units whose product is intended for individual and collective consumption; mainly financed by payments made by other sectors (taxes); all units engaged in redistribution of national income and wealth
  10. 18. physical and mental efforts that people contribute to the production of goods and services
  11. 20. process of designing, launching, and running a new business
  12. 23. are necessary to produce goods and services: natural resources, labour, capital goods, entrepreneurs,
  13. 26. study of how people make decisions in a world of limited resources
  14. 27. two goods that are easily replaced by the other (Cola and Pepsi)
  15. 28. demand for a good is increased when another increases (joint demand; Ex: demand for printers generates demand for ink cartridges)
  16. 29. someone who creates and supplies goods or services
Down
  1. 1. economy type where everything is controlled by the government (concerned with providing goods and services to the population, not profit)
  2. 2. total amount of a specific good or service that is available to consumers
  3. 4. rivalry among sellers, usually better for consumers
  4. 6. marketplace for finished services and goods
  5. 7. What to produce?, How to produce?, For whom to produce?
  6. 8. part of the economy made up by companies
  7. 9. customer's desire and willingness to pay a price for a specific good or service
  8. 14. assign different parts of a manufacturing process to different people (Ex: assembly line)
  9. 16. focusing on one task/ product (Ex: assembly line)
  10. 19. the fact we do not have enough resources to satisfy everyone's needs and wants
  11. 21. the effectiveness of productive effort (rate of output/ unit of input)
  12. 22. the alternative you face if you decide to do one thing over another
  13. 24. all the "gifts of nature" that makes production possible
  14. 25. tools, machinery, and goods used to make other things