Across
- 6. an economy where economic decisions are passed down from government authority and where the government owns the resources
- 7. As production increases, the average cost of producing each unit declines
- 8. policy that involves altering the level of interest rates, the availability of credit in the economy, and the extent of borrowing
- 9. economic policies that involve government spending and taxes
- 10. Branch of economics that focuses on individuals, firms, and government agencies that compose the larger economy
Down
- 1. Each worker focuses on a particular task
- 2. Branch of economics that focuses on the behavior of an entire economy; the “big picture”
- 3. an economy where economic decisions are decentralized, private individuals own resources, and businesses supply goods and services based on demand
- 4. The way in which workers divide the workload between different people
- 5. This system combines market signals and government directives to direct economic outcomes