Across
- 9. A Circular flow model of the economy is a graphical representation of the movement of money between three sectors.
- 11. a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
- 14. the loss of potential gain from other alternatives when one alternative is chosen.
- 20. Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit.
- 21. the exclusive possession or control of the supply of or trade in a commodity or service.
- 22. a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
- 23. free enterprise is a type of economy where products, prices, and services are determined by the market, not the government.
- 24. the state of being a partner or partners.
- 25. Absolute advantage is the ability of an individual, company, region, or country to produce a greater quantity of ...
Down
- 1. the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
- 2. Pure competition is a term that describes a market that has a broad range of competitors who are selling the ...
- 3. Monopolistic competition characterizes an industry in which many firms offer products or services that are ...
- 4. An economic system, or economic order, is a system of production, resource allocation and ... There is no precise definition of a "mixed economy".
- 5. Property rights define the theoretical and legal ownership of resources and how they can be used.
- 6. a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
- 7. a state of limited competition, in which a market is shared by a small number of producers or sellers.
- 8. the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item.
- 10. the process of concentrating on and becoming expert in a particular subject or skill.
- 12. a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
- 13. the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
- 15. a state in which opposing forces or influences are balanced.
- 16. A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
- 17. the state of being scarce or in short supply; shortage.
- 18. a cycle or series of cycles of economic expansion and contraction.
- 19. a general increase in prices and fall in the purchasing value of money.