Across
- 7. a visual model of the economy that shows how dollars flow through markets and firms
- 11. the comparison among producers of a good according to their productivity
- 12. a graph that show the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
- 13. an increase in the overall level of prices in the economy
- 16. to focus on a particular area
- 20. the limited nature of society's resources
- 21. a reciprocal relation between interdependent entities
- 22. goods produced abroad and sold domestically
- 23. fluctuations in economic activity, such as employment and production
- 25. whatever must be given up to obtain some item
Down
- 1. the comparison among producers according to their opportunity cost
- 2. the study of how households and firms make decisions and how they interact in markets
- 3. the impact of one person's actions on the well being of a bystander
- 4. the study of economy wide phenomena, including inflation, unemployment, and economic growth
- 5. claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
- 6. a curve that shows the short run tradeoff between inflation and unemployment
- 8. the property of society getting the most it can from its scarce resources
- 9. the property of distributing economic prosperity fairly among the members of society
- 10. good for which, other things equal, an increase in income leads to an increase in demand
- 14. claims that attempt to prescribe how the world should be
- 15. goods produced domestically and sold abroad
- 17. claims that attempt to describe the world as it is
- 18. the study of how society manages its scarce resources
- 19. an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
- 24. a good for which, other things equal, an increase in income leads to a decrease in demand