Across
- 2. a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
- 5. a professional and practitioner in the social science discipline of economics.
- 7. the total satisfaction received from consuming a good or service
- 8. a ratio between the output volume and the volume of inputs
- 9. an economic concept that refers to man-made elements employed to produce goods or services.
- 12. the fact that budgeting inevitably involves sacrificing some of X to get more of Y.
- 13. the ability of individuals and families to maintain sufficient income to consistently meet their basic needs
- 15. a commodity accepted by general consent as a medium of economic exchange.It is a liquid asset used in the settlement of transactions
- 16. The process a firm uses to turn inputs into outputs.
- 18. a social science that studies the production, distribution, and consumption of goods and services.
- 21. Factors of production are the resources people use to produce goods and services;land, labor, capital, and entrepreneurship.
- 23. an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces
- 24. a condition that exists when two or more persons, organizations, regions or countries exchange goods and services with the purpose of filling each other multiple needs
- 26. a transaction in which no physical goods are transferred from the seller to the buyer
- 28. goods manufactured and used in further manufacturing, processing, or resale
- 30. the exchange of goods and services between two or more parties without the use of money
- 32. The division of things into shares or portions.
- 34. a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention
- 35. a service or other asset used to produce goods and services that meet human needs and wants
- 36. items that satisfy human wants and provide utility.
- 37. One that consumes, especially one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.
- 38. a measure of the benefit provided by a good or service to an economic agent
Down
- 1. a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.
- 3. any agreement where one party borrows money from a second party with the promise to pay the amount back with interest.
- 4. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
- 6. an economic concept which states that dividing the production process into different stages enables workers to focus on specific tasks.
- 10. an economic state in which every resource is optimally allocated to serve each individual or entity in the best way
- 11. any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer.
- 14. the demand for a good or service is greater than the availability of the good or service.
- 17. a marketplace where securities, commodities, derivatives and other financial instruments are traded.
- 19. natural assets (raw materials) occurring in nature that can be used for economic production or consumption.
- 20. economic system in which the means of production are publicly owned and economic activity is controlled by a central authority
- 22. an economic system based on supply and demand with little or no government control
- 25. the value of the next-best alternative when a decision is made; it's what is given up
- 27. physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
- 29. an economic system where two forces, known as supply and demand, direct the production of goods and services
- 31. an individual who creates a new business, bearing most of the risks and enjoying most of the rewards
- 33. The people who are part of the workforce.