Across
- 3. market the market in which households sell their labor as workers to business firms or other employers
- 7. flow diagram a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market
- 8. when human wants for goods and services exceed the available supply
- 9. and services market a market in which firms are sellers of what they produce and households are buyers
- 13. the study of how humans make choices under conditions of scarcity
- 14. economy a market where the buyers and sellers make transactions in violation of one or more government regulations
- 15. interaction between potential buyers and sellers; a combination of demand and supply
- 16. products (goods and services) made abroad and then sold domestically
- 18. policy policy that involves altering the level of interest rates, the availability of credit in the economy, and the extent of borrowing
- 19. domestic product (GDP) measure of the size of total production in an economy
- 20. the trend in which buying and selling in markets have increasingly crossed national borders
- 23. when workers or firms focus on particular tasks for which they are well-suited within the overall production process
- 24. see theory
Down
- 1. products (goods and services) made domestically and sold abroad
- 2. the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance
- 4. economy an economy where economic decisions are decentralized, private individuals own resources, and businesses supply goods and services based on demand
- 5. of scale when the average cost of producing each individual unit declines as total output increases
- 6. of labor the way in which different workers divide required tasks to produce a good or service
- 10. a representation of an object or situation that is simplified while including enough of the key features to help us understand the object or situation
- 11. economy an economy where economic decisions are passed down from government authority and where the government owns the resources
- 12. policy economic policies that involve government spending and taxes
- 17. enterprise system where private individuals or groups of private individuals own and operate the means of production (resources and businesses)
- 21. the branch of economics that focuses on actions of particular agents within the economy, like households, workers, and business firms
- 22. economy typically an agricultural economy where things are done the same as they have always been done