Across
- 3. a branch of economic theory that deals with behavior and decision making by small units like individuals and firms
- 4. A branch of economics that deals with the economy as a whole
- 7. economic system in which private citizens own and use the factors of production in order to generate profits
- 10. A decline in the general level of prices
- 13. A percentage a bank will pay to depositors or charge to borrowers
- 14. the stage of economic and political system necessary for a country to reach the ideal of communism
- 16. rise in general level of prices
- 18. The use of scarce resources, and nearly all economic activities- stems from rituals, habits, or customs
- 19. A situation in which the quantity demanded is greater than the quantity supplied
Down
- 1. A situation in which the quantity supplied is greater than the quantity demanded
- 2. the study of how people try to satisfy seemingly unlimited and competing needs and wants with the careful use of relatively scarce resources
- 5. A central authority makes the major decisions about WHAT, HOW, and FOR WHOM to produce
- 6. Economic system that has some combination of traditional, command, and market economics
- 8. A market structure with only one seller of a particular product
- 9. simply something we would like to have but it is not necessary for survival
- 11. are a basic requirement for survival
- 12. Is one where the WHAT, HOW, and FOR WHOM questions are primarily answered by people who make supply and demand decisions in their own best interests
- 15. Payment made for the use of borrowed money
- 17. Alternative that must be given up when one choice is made rather than another