Economics Exam 1

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Across
  1. 2. tangible objects you can see & feel (car)
  2. 4. the situation where there is only 1 producer of a product/service & there is no substitute for the product/service.
  3. 5. an economic system in which the gov centrally plans, owns, & controls most of the capital & makes decisions about prices & quantities.
  4. 7. the assumption that the customer is king by deciding which goods will survive because producers cant dictate consumer tastes.
  5. 10. A specialization within economics that studies how ppl dealwith scarcity, fullfill needs, & select among alternative goods, services, & actions.
  6. 11. a condition where there is an insufficient amount or a shortage in supply of a product or service.
  7. 12. a decision to consume that has negative consequences or that misuses products in such a way as to cause injury to the consumer or to others.
  8. 14. regulations to prevent business monopolies.
  9. 16. Ind. or grops such as families who obtain, use, maintain, & dispose of products & services to increase life satisfaction & fullfill needs.
  10. 17. an economy where exchanges are controlled by marketplace, forces of demand & supply rather than by outside forces (gov control).
  11. 19. goods & services sold on line (groceries, tickets, books, gifts, clothes
  12. 20. an economic system characterized by open competition in a free market.
Down
  1. 1. a social or economic system in which nearly all capital is collectively owned.
  2. 3. (centrally controlled economy) an economy in which most decisions about the what, how & for whom to produce are made by those who control the gov.
  3. 6. the possibility or perception of harm, suffering, danger, or loss.
  4. 7. the act of ppl who pay extremely igh price for a product because of its prestige value, leading to a much higher demand than a simple demand relation would indicate.
  5. 8. any activity that is performed to enhance & sustain the primary product or services.
  6. 9. banking, debit cards, smart cards, banking machines, telephone & internet bank, insurance, loans - all due online
  7. 13. a mind set that choices giving the greatest amount of satisfaction at a particular time based on known information
  8. 15. any exchange transaction that takes place on internet.
  9. 18. an unwritten system of rights of buyers & competitors that is the foundation of both the US & English legal systems