Unit 1 Vocab - ECON

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Across
  1. 4. Economy, An economic system where the government makes most of the decisions.
  2. 7. An economic and political system where the government controls all economic decisions
  3. 9. The struggle between businesses to attract customers and increase sales.
  4. 10. Competition, Businesses competing through quality, service, or style instead of lowering prices.
  5. 13. Economy, An economic system based on customs, traditions, and past practices.
  6. 15. Exchange, A trade where buyers and sellers freely agree to terms.
  7. 17. When resources are not being used to their full potential.
  8. 18. The motivation of individuals to pursue what benefits them personally.
  9. 21. Faire, An economic idea that government should not interfere in the marketplace.
  10. 23. Rider, A person who benefits from a good or service without helping to pay for it.
  11. 25. A side effect of an economic activity that impacts people not directly involved.
  12. 26. Market Economy, An economy where supply and demand determine what is produced and sold.
Down
  1. 1. Sovereignty, The idea that buyers’ choices determine what goods and services are produced.
  2. 2. When a person or business focuses on producing one type of good or service.
  3. 3. Things people must have to survive, such as food, water, and shelter.
  4. 5. Cost, The value of what you give up when choosing one option over another.
  5. 6. Goods, Goods and services provided for everyone, such as parks, roads, or national defense.
  6. 8. Economy, An economy that combines free market choices with some government control.
  7. 11. Competition, Businesses competing by lowering the cost of their products or services.
  8. 12. Systems, The ways a society organizes the production and distribution of goods and services.
  9. 14. Things people would like to have but can live without.
  10. 16. of Living, The level of wealth, comfort, and material goods available to people in a society.
  11. 19. Using resources in the best way possible to maximize output and minimize waste.
  12. 20. The basic physical systems and structures, like roads, bridges, and utilities, that support an economy.
  13. 22. An economic system where the government owns or controls major industries
  14. 24. The financial gain made when revenue is greater than costs.