Chapters 1 - 4 - Crossword Puzzle

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Across
  1. 2. smith Founder of modern economics
  2. 4. failure Occurs when people who are not part of a marketplace interaction, benefit from it
  3. 6. The willingness and ability to purchase a good or service
  4. 10. A side effect of a product that effects someone other than the producer or the consumer
  5. 11. possibilities curve A graph used by economists to show the impact of scarcity on an economy
  6. 12. The study of how individuals and societies satisfy their unlimited wants, with limited resources
  7. 13. marx A German philosopher, historian and economist
  8. 16. economics Involves judgements of what economic behaviour ought to be
  9. 18. of demand A measure of how responsive consumers are to price changes
  10. 20. rider A person who avoids paying for a good or service, but still benefits from said good or service anyways
  11. 21. goods Products provided by all levels of governance and consumed by the public as goods
  12. 25. Goods and Services that can be used in place of each other
  13. 26. Producing the maximum amount of goods and services possible
  14. 28. A financial gain that a seller makes from a business transaction
  15. 29. The study of the economy as a whole, concerning large-scale economic activity
Down
  1. 1. Goods that are used together, so a rise in demand for one, increases the demand for the other
  2. 3. The study of individuals, families and businesses in an economy
  3. 4. economy An economic system in which individual choice direct economic decisions
  4. 5. economy An economic system in which people live by customs, handed down from previous generations
  5. 7. payments Transfers of income between two individuals, even though the receiver does not provide anything in return
  6. 8. Involves all actions sellers do to get the buyers to purchase their products
  7. 9. The fourth factor, in the Four Factors of Production
  8. 14. Demand is elastic if quantity demanded changes significantly as price changes
  9. 15. Demand is inelastic if quantity demanded changes little as price changes
  10. 17. In economic terms, everything an individual owns
  11. 19. net Government programs designed to protect people from economic hardship
  12. 22. goods Goods that consumers demand less of when their income increases
  13. 23. A government payment that helps cover the cost of an economic activity that may benefit the public as a whole
  14. 24. All the goods and services that are necessary for the functioning of society
  15. 27. economy An economic system where the government makes all economic decisions