Across
- 5. the method a country uses to answer the three economic questions
- 6. Theory a theory of commercial activities (such as the production and consumption of goods)
- 7. is an unincorporated business with one owner who pays personal income tax on profits from the business.
- 11. the private ownership of economic resources by individuals rather than by the government.
- 13. an economy in which goods and services are produced the way they have always been produced. It is used in countries that are less developed and are not yet participating in the global economy
- 17. of Scale are factors that cause the average cost of producing something to fall as the volume of its output increases.
Down
- 1. a legal relation existing between two or more persons contractually associated as joint principals in a business
- 2. a concept in economics that if one factor of production is increased while the other factors are held constant, the output per unit of the variable factor will eventually diminish.
- 3. in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country," whether consumed or used for further production.
- 4. an economic system where both the resources necessary for production and the businesses are owned by private individuals, not by public institutions like the government.
- 8. the production output in relation to a unit of input, such as a worker.
- 9. the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
- 10. a business organization wholly or partly owned by the state and controlled through a public authority
- 12. an economy that combines elements of the command and market economies.
- 14. an economy in which resources are owned and controlled by the government.
- 15. an economy in which the resources are owned and controlled by the people of the country.
- 16. resources things available to be used to produce goods and services