Economics Extra Credit Crossword

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Across
  1. 1. Money that has no value except as the medium of exchange; There is no inherent or intrinsic value to the currency.
  2. 3. The study of how people allocate their limited resources to satisfy their nearly unlimited wants
  3. 6. Tangible out-of-pocket expenses
  4. 7. A market condition that occurs when the quantity supplied of a good is greater than the quantity demanded.
  5. 11. The highest valued alternative that must be sacrificed in order to get something else
  6. 13. A phenomenon seen when a party that is protected from risk behaves differently from the way it would behave if it were fully exposed to the risk.
  7. 15. A short-term economic downturn that typically lasts about 6 to 18 months
  8. 16. A condition occurring at the point where the demand curve and the supply curve intersect
  9. 17. A school of thought that stresses the importance of aggregate demand and generally believes that the economy needs help in moving back to full employment equilibrium
  10. 19. This type of thinking is the evaluation of whether the benefit of one more unit of something is greater than its cost
  11. 21. A type of demand condition in which consumers are responsive to a change in price
  12. 23. Unemployment caused by economic downturns
  13. 24. Total revenue minus total cost; a negative result is a loss.
Down
  1. 2. Taxes levied on imported goods and services
  2. 4. This exists when a small number of firms sell a product in a market with high barriers to entry.
  3. 5. The limited nature of society's resources, given society's unlimited wants and needs.
  4. 8. Factors that motivate a person to act or exert effort
  5. 9. A market in which there are so many buyers and sellers that each has only a small impact on the market price and output
  6. 10. A condition occurring when a worker who is not currently employed is searching for a job without success
  7. 12. Unemployment caused by changes in the industrial makeup of the economy
  8. 14. A condition existing when a single company supplies the entire market for a particular good or service
  9. 18. A firm's opportunity costs of doing business
  10. 20. The market value of all final goods and services produced within a country during a specific period.
  11. 22. The tools and equipment used in the production of goods and services