Economics

2. Essential items required for survival
3. The willingness and ability of consumers to purchase a good or service at a given price
5. The general rise in the price of goods and services over time
9. The lowest point of the business cycle before recovery begins
10. A situation where supply exceeds demand, usually caused by prices being too high
11. Man-made tools, machinery, and technology used in production
13. A phase of economic growth where businesses hire more workers and production increases
15. The study of how limited resources are allocated to meet the unlimited needs and wants of individuals and societies.
18. The next best alternative foregone when making an economic decision
19. Non-essential items that enhance comfort and lifestyle
20. A situation where demand exceeds supply, usually caused by prices being too low
21. Human effort (both physical and mental) used to produce goods and services

1. The economic problem where unlimited needs and wants exceed limited available resources
4. The study of an entire nation’s economy, including government policies, inflation, and overall economic growth
6. The study of individual markets and businesses
7. The willingness and ability of producers to offer goods or services at a given price
8. Goods that can replace each other in consumption
12. The price at which the quantity of a good supplied equals the quantity demanded
14. A slowdown in economic activity where businesses reduce production and lay off workers
16. Goods that are used together
17. Physical, tangible products that can be bought