Across
- 4. The act of selecting one option from a set of alternatives, often based on preferences, needs, and available resources.
- 6. The amount of money earned by individuals or households.
- 9. The tools, equipment, machinery, and infrastructure used in production. It includes both physical capital (factories, computers) and human capital (education, skills).
- 10. uneven distribution of income within a society, where some individuals and households have significantly higher incomes than others.
- 11. Goods or services that are often consumed together.
- 12. growth that benefits all members of society, especially those who are typically excluded or disadvantaged.
- 13. The difference between total revenue and total costs, representing the financial gain earned by a business.
- 14. The increase in the production of goods and services in an economy over time, usually measured as the percentage change in GDP.
- 16. The satisfaction or benefit that a consumer derives from consuming a good or service.
- 19. The human effort and skills used in the production of goods and services.
- 20. An economic system where the government controls all aspects of production, distribution, and pricing.
- 22. The payment made for the use of land or property.
- 23. A government-imposed minimum price that can be charged for a good or service.
- 24. The perspective of the economy as a whole, encompassing national or global economic trends and factors.
- 26. An economic system where prices and production are determined by the forces of supply and demand, with minimal government intervention.
- 27. Dishonest or fraudulent conduct by those in positions of power, often for personal gain.
- 29. An economic system where the means of production are owned and controlled by the state or collectively by the people.
- 31. Goods or services that can be used in place of each other.
- 34. A movement of the entire demand or supply curve to the left or right.
- 36. The process of improving the standard of living in a country or region, including factors like increased income, better infrastructure, education, healthcare, and overall well-being.
- 37. Consumer preferences for goods and services.
- 38. In economics, land refers to all natural resources used in production, including raw materials, minerals, and land itself.
- 40. Power The ability of suppliers to influence the terms of trade in their favor.
- 42. A graphical representation of the relationship between the price of a good or service and the quantity supplied at each price point.
- 43. The point where the quantity demanded of a good or service equals the quantity supplied, resulting in a stable price.
- 44. The branch of economics that studies the behavior of individual consumers, businesses, and markets, focusing on topics like supply and demand, pricing, and resource allocation.
- 47. The process of combining land, labor, and capital to create new businesses and products, taking risks and innovating.
Down
- 1. The payment received by workers for their labor, typically expressed as an hourly rate or annual salary.
- 2. An upward movement along the demand or supply curve, indicating a higher quantity demanded or supplied at a higher price.
- 3. A graphical representation of the relationship between the price of a good or service and the quantity demanded at each price point.
- 4. The act of using goods and services to satisfy wants and needs.
- 5. The amount of a good or service that consumers are willing and able to purchase at a given price.
- 7. The value of the best alternative forgone when making a choice. It represents the potential benefits missed by choosing one option over another.
- 8. The way in which national income is divided among different individuals and households within an economy.
- 13. The state of being extremely poor, lacking basic necessities like food, shelter, and healthcare.
- 15. A political and economic ideology that advocates for a classless society where the means of production are owned and controlled by the stat
- 17. The principle that, all other factors being equal, as the price of a good or service increases, the quantity demanded decreases.
- 18. A government-imposed maximum price that can be charged for a good or service.
- 21. The study of how individuals, businesses, and governments make choices about how to allocate scarce resources to satisfy their unlimited wants and needs
- 25. The state of being equal in terms of rights, opportunities, and treatment.
- 28. The fundamental economic problem that arises from the fact that human wants and needs are unlimited, while the resources available to satisfy them are finite.
- 30. The perspective of individual consumers, businesses, or specific markets within the broader economy.
- 32. A method of calculating GDP by adding up all the incomes earned in an economy, including wages, salaries, profits, and rents.
- 33. The set of rules, institutions, and mechanisms that govern the production, distribution, and consumption
- 35. The branch of economics that studies the behavior of the economy as a whole, including topics like inflation, unemployment, economic growth, and government policies.
- 38. A situation where a small percentage of the labor force is unemployed, indicating a healthy and active economy.
- 39. price at which the quantity demanded of a good or service equals the quantity supplied.
- 41. Fairness and justice in the distribution of resources and opportunities.
- 42. A situation where the quantity demanded of a good or service exceeds the quantity supplied, leading to higher prices and potential rationing.
- 45. A situation where the quantity supplied of a good or service exceeds the quantity demanded, leading to lower prices and potential waste.
- 46. The cost of borrowing money, typically expressed as a percentage of the principal amount.