Across
- 5. system in which the government owns most of the property and means of production.
- 7. combination of desire, ability & willingness to buy a product
- 11. goods and services people desire that they would obtain if they could. These are unlimited
- 12. a specific form of labor that consists of the creative, managerial, and risk taking capabilities involved in starting up and running a business
- 15. quality of life based on ownership of necessities and luxuries that makes life easier
- 16. investment in people. By investing time, money and resources to improve employees' quality of life firms hope to improve their business as well
- 18. the money that producers make after they have paid for all of their costs
- 19. the role of consumer as ruler of the market when determining the types of goods and services produced
- 21. charging an extremely high price for a product in order to take unfair advantage of a given situation
- 23. intervention into business practices by a level of government by means of rules or laws
- 25. this refers to all the structures and equipment involved in the manufacturing process
- 26. all of the raw materials in nature used to produce what people need or want
- 27. a type of government regulation that will not allow the price of a good or service to rise above a certain level
- 30. a natural resource that cannot be renewed over time. There is a fixed amount.
- 33. the act of splitting up work into smaller and more specialized tasks
- 39. system in which what is produced is what has always been produced. Laborers live a subsistence lifestyle, making just what they need to survive. Little to no opportunity for advancement
- 41. the act of giving up one thing of value to gain another thing of value.
- 42. lack of adequate resources to obtain all of one's wants
- 43. a general and progressive increase in prices of goods and services
- 47. cost the value of the alternative option that is lost when an individual, business or government makes a decision
- 51. the nation's central bank
- 53. desire to organize the factors of production in order to make money. This is non-existent in a command economy. People are expected to work hard out of a sense of duty to their country or personal pride
- 55. food, shelter, and clothing. Things that people must have to live.
- 56. products used to make other goods or provide services
- 57. all the factors of production that go into producing a good or service. These include machinery, labor, materials, etc
- 58. the cost of the decision once it is weighed against the benefits.
- 59. individuals and businesses freely choose to exchange goods, services & resources for something else of value
- 60. taxes on imports
- 61. the devotion of resources to a specific task
Down
- 1. a contraction of economic activity resulting in a decline of prices of goods and services
- 2. money paid to an investor in exchange for the use of their money
- 3. a theory or system of social organization
- 4. output is distributed equally among the citizens
- 6. money paid by the government to make up for losses in an industry
- 8. goods and/or services provided by the government because society needs them regardless of how profitable they might or might not be(national defense, police force, firehouses, public parks).
- 9. using resources that could bring immediate benefits for the purpose of gaining greater benefits at a later time
- 10. a natural resource that can be replenished over time
- 13. the ability to own one's own property is a key element in a market economy because it provides incentives, so the government usually tries to protect these rights
- 14. system in which the government owns most of the property and means of production.
- 17. all human contribution to the production process
- 18. the rate at which goods and services are produces
- 20. to stop or decrease the rules that an industry must follow
- 22. new products that perform a task or fulfill a need that no previous product could perform or full or at least not nearly as well
- 24. the amount of a good or service produced
- 25. economic system in which private citizens own and use the factors of production in order to generate profits
- 28. in order to avoid an economic crisis the government will from time to time jump in and interfere with the natural economic cycle. FDR's New Deal and the infamous 2007-2008 Bailout by the Bush Administration are two examples
- 29. investment in capital goods and human capital
- 31. taking money from citizens who have it, usually through taxes, and giving it to those who don't.
- 32. forced common ownership of factors of production, as seen in the former Soviet Union under Josef Stalin in agriculture and manufacturing
- 34. factors of production such as land, labor, capital, and entrepreneurship
- 35. system consisting of elements of more than one system that makes up an economic framework
- 36. system in which producers and consumers decide what gets made and for whom.
- 37. items purchased for final use by individuals, households or firms
- 38. In deciding how to deal with scarcity a person must go through the following process:
- 40. the amount of benefit a person, business or government receives once the cost of their decision is considered
- 44. schedule of quantities offered for sale at all possible prices in a market
- 45. one strategy for dealing with scarcity. By raising prices companies limit the number of consumers who can afford to buy the product. This allows them to make money off of the product and make the supply of the product last longer.
- 46. a type of government that will not allow the price of a good or service to drop below a certain level
- 48. those things which humans can put to productive use
- 49. any invention or change in process that greatly improves something that already exists
- 50. something that is advantageous or good
- 52. all natural resources used in the production of a good or service
- 54. the study of how individuals, businesses (firms), and nations can best allocate their limited resources