Across
- 2. any situation where making one choice means losing something else
- 6. an economy's ability to produce goods or services at lower opportunity cost than competitors
- 9. he mandated maximum amount a seller is allowed to charge for a product or service.
- 11. someone that acquires goods or services for direct use or ownership
- 13. a situation in which demand for a product or service exceeds the available supply.
- 17. something that motivates a group or individual to do something.
- 19. a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export.
- 22. the amount of physical, mental, and social effort used to produce goods and services in an economy.
- 23. the lack of resources to be used to fulfill wants and needs or the gap between what one has and what one wants.
- 25. the amount of want or need there is for a specific product to be available for purchase
- 26. the price at which supply equals demand for a product
- 28. is the spread of products, technology, information, and jobs across national borders and cultures.
- 29. someone who creates and supplies goods or services.
Down
- 1. an economic system based on supply and demand with little or no government control and consumers have free will when buying
- 3. the human-created assets that can enhance one's power to perform economically useful work
- 4. the natural resources in production especially the space on which the factory is built.
- 5. the curve that shows the maximum use of resources to produce various combinations of products (use first letter of each word)
- 7. the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
- 8. the study of how people try to satisfy unlimited wants and needs with limited resources
- 10. the inputs needed for the creation of goods or services
- 12. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of effectiveness
- 13. A surplus describes the amount of an asset or resource that exceeds the portion that's actively utilized.
- 14. a tax imposed by one country on goods and services imported from another country.
- 15. governments impose absolutely no tariffs, taxes, or duties on imports, or quotas on exports.
- 16. when a producer can produce a good or service in greater quantity for the same cost or lower than competitors
- 18. the law that states that, the higher the price of something is, the lower the demand will be
- 20. the law that states that, as the price of something goes up, the number of sources offering that thing will also go up.
- 21. An embargo is when a government refuses to trade with a country or a certain part of a country.
- 24. a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
- 27. the lowest amount at which a good or service may be sold and still function within the traditional supply and demand model.