Economics

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Across
  1. 6. an economic and political system in which a country's trade and industry are controlled by private owners for profit.
  2. 12. a market where one company can provide a good or service at a lower average cost than multiple competing firms, primarily due to high initial fixed costs and significant economies of scale
  3. 13. a contractual agreement between an employer and a labor union that requires all employees to be members of the union to be hired or to remain employed
  4. 14. a non-permanent work arrangement where individuals are hired on a temporary, project-by-project, or as-needed basis rather than for long-term, stable employment
  5. 17. a desire for a good or service that improves quality of life but is not essential for survival
  6. 19. the subfield of economics that studies how labor markets function, focusing on the dynamics of the supply and demand for labor, the determination of wages and employment, and the factors influencing these outcomes
  7. 20. a market structure dominated by a small number of large firms, where each firm's actions, such as pricing or production changes, have a significant impact on the others, leading to interdependent decision-making and strategic competition
  8. 23. workers who possess specialized training, education, or experience in a particular field, enabling them to perform complex tasks requiring high proficiency and expertise
  9. 25. an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
  10. 30. a business practice where a company hires an external party, such as another firm or a contractor, to perform tasks, functions, or services that would typically be done by its own employees
  11. 34. an economy in which production, investment, prices, and incomes are determined centrally by a government.
  12. 36. the optimal allocation of scarce resources to satisfy human wants and needs, minimizing waste and maximizing total welfare
  13. 37. a field of study that analyzes the economic impact of patent systems
  14. 39. the process where a labor organization (a union) and an employer negotiate terms and conditions of employment for a group of employees, such as wages, benefits, and working conditions, to reach a collectively agreed-upon contract
  15. 41. gives workers the freedom to choose whether or not to join a labor union in the workplace
  16. 42. the tangible assets—like machinery, equipment, buildings, and tools—that are used to produce goods and services
  17. 43. the value of the next best alternative that must be given up to pursue a certain action or make a specific choice
Down
  1. 1. jobs that require a degree of basic knowledge, experience, or training, but not a high level of specialization, education, or complex skill
  2. 2. a political and economic philosophy encompassing a diverse range of systems characterized by social ownership of the means of production, rather than private ownership
  3. 3. the skills, knowledge, intelligence, education, experience, and health that individuals possess, which enhance their economic productivity and earning potential
  4. 4. those who perform manual labor or skilled trades, often in sectors like manufacturing, construction, and transportation
  5. 5. the fundamental economic trade-off a society faces between spending its limited resources on military production ("guns") versus civilian needs ("butter")
  6. 7. the fundamental problem of having limited resources to meet unlimited wants and needs
  7. 8. the interdisciplinary study of the allocation, use, development, and management of land and natural resources
  8. 9. the surplus revenue a firm earns after accounting for both explicit costs and implicit costs
  9. 10. the rivalry between numerous independent firms to provide goods and services to a market
  10. 11. private, informal, and extrajudicial process where parties in a dispute submit to a neutral, expert third party for a decision that is final and binding, providing a less expensive and more efficient alternative to traditional litigation
  11. 14. a legally created entity that is separate and distinct from its owners, allowing it to act as a "legal person" under the law
  12. 15. a market structure where a single firm is the sole producer or seller of a good or service for which there are no close substitutes
  13. 16. an organization of trade unions that focused on achieving practical economic gains for its members, particularly skilled workers, through collective bargaining and strikes to improve wages, working conditions, and hours
  14. 18. an economic force in the late 19th century that promoted worker solidarity to improve labor conditions and eventually transition from capitalism to a worker-owned economy
  15. 21. a good or service essential for basic survival
  16. 22. an expert in economics who applies their knowledge of economic principles to study, analyze, and forecast economic trends to provide advice and develop policies for businesses, governments, and other organizations
  17. 24. an economic principle that states that, all else being equal, as the price of a good or service increases, the quantity demanded by consumers will decrease, and vice versa
  18. 26. obstacles that prevent or make it difficult for new firms to enter a market or industry, thereby reducing competition and allowing existing firms to maintain higher prices and profits
  19. 27. jobs characterized by mental or administrative work, typically performed in an office setting, requiring higher education and often compensated with an annual salary
  20. 28. a financial instrument that signifies partial ownership in a company, entitling the holder to a share of the company's assets and earnings
  21. 29. an economic system where the production, distribution, and consumption of goods and services are based on customs, traditions, and historical beliefs, rather than on money, markets, or technology.
  22. 31. a workplace where employees are not required to join a labor union or pay union dues, even if a union is present and acts as a representative for the workers
  23. 32. a work stoppage or slowdown initiated by employees to protest or demand economic concessions from their employer
  24. 33. jobs requiring little to no specialized training, education, or advanced skills, often involving repetitive or manual tasks
  25. 35. political and economic ideology that advocates for a classless, stateless society in which the means of production are owned communally
  26. 38. informal, voluntary, and collaborative negotiation process where a neutral third party assists disputing parties in reaching a mutually acceptable agreement, thereby avoiding costly and adversarial legal proceedings and fostering durable, self-determined outcomes
  27. 40. physical item or product that satisfies human wants or needs, provides utility, and is scarce enough to have an exchange value