Unit 9- Economics Vocabulary

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Across
  1. 4. Economy Economy that relies on customs, history, and time-honored beliefs.
  2. 10. Anything used to incite or motivate buyers; “Buy one – Get one free”
  3. 11. Using goods or services
  4. 13. Materials used in the production of goods and services; Examples - natural, human, capital, and entrepreneurship
  5. 15. Earnings minus expenses
  6. 18. of Demand Consumers buy more when the price is low and buy less when the price is high.
  7. 19. Market Economy Economy that operates with little influence from the government; Capitalism
  8. 20. Cost Value of what is given up when making a choice
  9. 22. Rivalry that produces better quality, lower prices, and more choices; “Coke vs. Pepsi”
Down
  1. 1. Price the point (X) where supply and demand meet
  2. 2. Combining resources to make goods or services
  3. 3. of Supply Producers make more when the price is high and make less when the price is low.
  4. 5. Desire of buyers to purchase a product at given price
  5. 6. Making a selection from a set of possible alternatives
  6. 7. Economy Economy where businesses, individuals, and government share the decisions and resources
  7. 8. Lack of resources to satisfy all wants and needs
  8. 9. Economy Economy where the government makes all decisions and owns all resources; Communism
  9. 12. Amount of money exchanged for a product; determined by supply and demand
  10. 14. Number of items a producer has available to sell at given price
  11. 16. & Services The result (product) of using resources during production (Items and Activities)
  12. 17. Sovereignty Power of the buyer (consumer) to determine what goods and services will be produced and consumed
  13. 21. Money used during production to purchase resources and equipment