Economics

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Across
  1. 2. the problem of having unlimited wants, but limited resources to satisfy them
  2. 4. is an asset or item acquired with the goal of generating income or appreciation
  3. 9. is the art of turning an idea into a business
  4. 10. businesses take loans to fund capital projects and expand their operations by purchasing fixed and long-term assets such as land, buildings, and machinery
  5. 12. the processed materials, equipment, and buildings used in production
  6. 16. under perfect competition all firms sell homogenous goods which are identical in quantity, shape. size, and color
  7. 20. it concerned with the process of setting prices of goods that is also known as Price Theory
  8. 21. soil and natural resources that are found in nature and are not man-made
  9. 26. consumers buy more of a good when its price decreases and less when its price increases
  10. 28. it is the quantities of a particular good or service consumers are willing and able to buy at different possible prices
  11. 29. the limited nature of resources, which underlies the basic economic problem
  12. 30. is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes
  13. 31. is a social science concerned with using scarce resources to obtain the maximum of the unlimited wants of society
  14. 33. refers to using one’s savings in a way that earns a return
  15. 36. came from nature that are used in production, including land, raw materials, and natural process
  16. 37. this law establishes a minimum amount that an employer can pay a worker for one day of labor
  17. 40. refers to the market situation where there is one seller and there is no close substitute to the commodities sold by the seller
  18. 42. the efforts of people involved in production, including labor and entrepreneurship
  19. 43. it refers to the value of the best foregone alternative
  20. 44. shows how the quantity demanded of a good depends on its determinants
  21. 45. he described economics as study of mankind in the ordinary business life
  22. 46. things that are often are sold or used together
  23. 47. form of market in which there are large numbers of sellers selling differentiated products which are similar in nature but not homogenous
  24. 48. the government and the economy are equal
  25. 49. is a division of economics that is concerned with the overall performance of the entire economy
Down
  1. 1. graphical representation of the relationship between the price of a good or service and the quantity
  2. 3. Tendency of suppliers to offer more of a good at a higher price and less at lower prices
  3. 5. methods are stagnant and therefore not progressive
  4. 6. is a process and it exists when a group of buyers and sellers communicate to exchange goods and services
  5. 7. refers to an increase in the value of an asset over time
  6. 8. a property form which the owner receives payment from the occupants, known as tenants, in return for occupying or using the property
  7. 11. is when supply is limited
  8. 13. equilibrium means a state of equality or balance between market demand and market supply
  9. 14. is a market structure in which large number of sellers sell a homogenous product at uniform price
  10. 15. the amount of a product that is offered for sale at all possible prices in the market
  11. 17. this is the authoritative system wherein decision-making is centralized in the government or a planning committee
  12. 18. the essentials of life, such as food and shelter
  13. 19. it is the captain of the industry
  14. 22. is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures
  15. 23. is when a good is scarce compared to its demand
  16. 24. desires for non-essential items
  17. 25. is a market situation in which there are few (more than two) sellers
  18. 27. a table that shows the quantity demanded of a good or service at different price levels
  19. 32. this refers to the minimum amount of remuneration that an employer in required to pay wage earners for the work performed during a given period
  20. 34. Between the extremes of monopoly and perfect competition
  21. 35. man-made resources used in the production of goods and services which include machineries and equipment
  22. 38. it is the specific type of oligopoly where only two producers exist in one market
  23. 39. it is the physical and human effort exerted in production
  24. 40. this is the most democratic form of economic system
  25. 41. a state in which the supply and demand for a given good or service are in balance