Economics

Edit Answers
1234567891011121314151617181920
Across
  1. 3. cost, The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.
  2. 4. Giving up all or a part of one thing in order to get something else.
  3. 8. Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
  4. 12. prices, One price compared to another; the ratio between two prices
  5. 14. want, Desires for things that can be obtained without spending money
  6. 16. An indication of how changes in price will affect changes in the amounts demanded and supplied.
  7. 17. demand, A form of demand in which changes in price do not affect demand
  8. 19. goods, Tangible items that will be consumed by industrial users.
  9. 20. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed.
Down
  1. 1. A condition resulting from the gap between unlimited wants for goods and services and limited resources.
  2. 2. The process of trading one good/service for another
  3. 5. The process or activity of using goods and services.
  4. 6. utility, Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer.
  5. 7. effect, A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another.
  6. 9. price, The point at which the quantity of a good that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price.
  7. 10. resources, The human and natural resources and capital goods used to produce goods and services.
  8. 11. utility, Usefulness created when products are made available at the time they are needed or wanted by consumers or to complete specific business activities.
  9. 13. A marketing/business function that is responsible for moving, storing, locating, and/or transferring ownership of goods and services
  10. 15. utility, Usefulness created when ownership of a product is transferred from the seller to the user.
  11. 18. demand, The situation that exists when demand is greater than supply.