Across
- 2. a general increase in price across an economy
- 5. how much it is worth in money
- 8. the rivalry among sellers trying to achive such goals as increasing profit
- 9. physical objects that someone produces
- 11. mental/physical work of production
- 12. an income that does not increase even when price goes up
- 14. the power of consumers to decide what gets produced
- 15. a steady long term increase in real GDP
- 17. another name for centrally planned govt.
Down
- 1. any government system that provides monetary assistance to people with an inadequate or no income
- 3. economic system that relies on habit
- 4. the loss of potential gain from other alternatives when one alternative is chosen
- 6. gross domestic product
- 7. a risk taker in search of profit
- 8. a person who uses a good or service
- 10. an economy in which prices and wages are determined mainly by supply and demand
- 13. study of how people satisfy unlimited wants through careful use of realtive scarce resource
- 16. give up one benefit to gain another