Basic Economics Review

Edit Answers
123456789101112131415161718192021222324
Across
  1. 3. science or inventions that can improve production
  2. 5. the people who work to produce goods and services
  3. 7. when we don't have enough of something to go around
  4. 9. type of economy where the government owns all resources
  5. 13. economy where individuals own resources and is driven by competition
  6. 14. many times a surplus means that the price is too _____
  7. 15. factor of production including natural resources
  8. 19. monetary worth of something
  9. 20. way of expressing a need
  10. 22. writer of the Wealth of Nations which advocates for a market economy
  11. 23. value given to products & determined by supply & demand
  12. 24. when S>D
Down
  1. 1. goods, tools, and services required for production
  2. 2. the capacity to be useful or provide satisfaction
  3. 4. work that is performed for someone else
  4. 6. type of economy where allocation of scarce resources is based on ritual, habit, and custom
  5. 8. goods goods meant to be sold to consumers to use (ex: clothes, cars)
  6. 10. a combination of both market and command economies
  7. 11. accumulation of products that are tangible, scarce, useful and transferrable from one person to another
  8. 12. when D>S
  9. 16. basic requirement for survival (ex: food)
  10. 17. amount of good or services people are willing to buy
  11. 18. goods manufactured goods used to make other goods(ex: machines or tools)
  12. 21. amount of good or service available