Across
- 1. (Law of ____ returns) The eventual decline in the rate of extra outputs produced that occurs when one input used in production of the output is held constant and the others are increased
- 6. (____ Relationship) A negative association between two variables where when one variable is increased the other decreases, and when one variable is decreased the other increases
- 7. To maximize benefits while minimizing costs
- 8. Statement that is a forecast of future events (has to do with analytical economics)
- 9. (____ Fallacy) A mistaken belief that what occurs before some event is logically the cause of it
- 14. (Law of increasing returns to ____) The increase in the rate of extra outputs produced when all inputs used in production are increased and no inputs are held constant
- 16. The curve on a production possibilities graph representing the maximum numbers of two items that can be produced with a given amount of resources
- 19. A productive resource (such as land, labour, or capital) used to produce an output
- 21. Branch of economics that studies economy as a whole
- 23. The study of how people choose to use limited resources to satisfy their unlimited needs and wants
- 24. Any individual, group, or entity that has an interest in or is affected by the decisions and activities of a business, government, or economic system
- 26. A theoretical unit of satisfaction that a person gains from consuming an item
- 28. (____ Goods) Goods, such as tools or machinery, used to produce consumer goods
- 29. A hypothesis that has been proven false but is still accepted by many people because it appears to be true
- 30. As used in graphs, the point at which the vertical and horizontal axes meet
- 32. Self-sustaining system in which many independent transactions individuals, households, businesses, and institutions create distinct flows of money and products
Down
- 2. (Fallacy of ____) A mistaken belief, based on oversimplification, that a particular event has one cause rather than several causes
- 3. (Fallacy of ____) A mistaken belief that what is good for an individual is automatically good for everyone, or what is good for everyone is good for the individual
- 4. (____ Relationship) A positive association between two variables where when one variable is increased the other variable also increases, and when when variable is decreased the other also decreases
- 5. Branch of economics that studies the behaviour of individuals and firms in the economy
- 10. (____ Cost) The cost of producing one item, A, expressed in terms of the numbers of another item, B, which must be given up to produce A
- 11. (____ Cost) The value or benefit that must be given up to achieve something else
- 12. (Law of ____ relative cost) The increase in the relative cost of producing more of item A, measured by the numbers of another item, B, that could be produced with the same resources
- 13. The fair and just distribution of economic resources
- 15. The use of a bare use of resources to achieve a desired end
- 17. The sacrifice of one resource or production choice for another
- 18. The usefulness, satisfaction, or benefit derived from each available option
- 20. Statement that describes the past (has to do with analytical economics)
- 22. The products produced by using resources or inputs such as land, labour, or capital
- 25. Branch of economics that deals with facts and direct observation of the world
- 27. A particular use of resources that achieves a desired end
- 31. Branch of economics that deals with value judgements about economic subjects