Economics - chapters 1-2 Review

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Across
  1. 2. Review about the _______ Possibilities Curve (PPC) - what would a point on the line represent? What would a point inside or outside the line represent?
  2. 4. the four _________ of production are land, labor, capital, and entrepreneurship (review what these mean and which one is most important!)
  3. 7. Review about the __________ Flow Model. What are the participants in the circular flow? How do they all work together? Would a circular flow model show macro or microeconomics?
  4. 8. this branch of economics examines large-scale economic choices and issues (nationwide interest rates, global trade, etc.)
  5. 9. these are used by economists to instruct (making abstract concepts more understandable) and predict future events
  6. 11. Because it begins with observation and uses those observations to try to predict and control future events, economics is considered a _____________
  7. 12. this happens when the government spends more than it receives in tax revenue
  8. 15. observing economic choices and predicting economic events is called __________ economics
  9. 16. economic cost is the ________ people place on a good or service
  10. 19. this economics term is used to describe any time a household withdraws money from an account or borrows from it
Down
  1. 1. these types of goods are ones that a consumer has to pay to have removed (like trash)
  2. 3. these two economic principles create the need for choices: unlimited wants and limited __________
  3. 5. the four factor __________ include rent, wages, interest, and profit (what do these mean?)
  4. 6. this branch of economics deals with choices made by individual units (people, households, individual businesses, etc.)
  5. 10. the idea of __________ value states that an object's usefulness to the buyer determines its worth (like how water can be more valuable than diamonds)
  6. 13. the economic word for an imaginary unit of satisfaction
  7. 14. intangible items in economics: like the work of Mrs. Fulks on your behalf or the performance of Taylor Swift at a concert :)
  8. 17. economic ___________ are any tangible (physical) thing that has a measurable lifespan (like a car, a textbook, an apple, etc.)
  9. 18. this is a type of payment of money or goods from the government to people - they expect no repayment (examples: unemployment benefits, welfare, social security, etc.)