Civics and Economics (Johnson)

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Across
  1. 2. Activities that are consumed at the same time they are produced
  2. 4. An economic system based on private property and free enterprise.
  3. 5. Goods that are commonly used with other goods
  4. 10. A business owned by one person
  5. 11. A financial gain, esp. The difference between the amount earned and the amount spent in buying, operating, or producing something
  6. 13. Products or services that can be used in place of each other. When the price of one falls, the demand for the other product falls; conversely, when the price of one product rises, the demand for the other product rises.
  7. 14. Study of individual consumers and businesses.
  8. 17. Accepting the risk of starting and running a business.
  9. 19. A legal minimum on the price at which a good can be sold
  10. 20. A situation in which unlimited wants exceed the limited resources available to fulfill those wants
  11. 21. Economic decisions are made by individuals or the open market.
  12. 24. consumers buy more of a good when its price decreases and less when its price increases
Down
  1. 1. As the price increases, producers produce more
  2. 3. Land, labor, and capital; the three groups of resources that are used to make all goods and services
  3. 6. A tangible product used to satisfy human wants
  4. 7. A legal maximum on the price at which a good can be sold
  5. 8. An economic system in which the government controls a country's economy.
  6. 9. the price that balances quantity supplied and quantity demanded
  7. 12. (economics) a market in which there are many buyers, but only one seller.
  8. 13. A situation in which quantity demanded is greater than quantity supplied
  9. 15. (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
  10. 16. A business owned by stockholders who share in its profits, but are not personally responsible for its debts
  11. 18. A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
  12. 22. An economic system based on private ownership of capital
  13. 23. A situation in which quantity supplied is greater than quantity demanded