Across
- 2. tangible item that people pay for
- 4. push to unify the world economically
- 5. Karl Marx views history as a _____ between classes
- 10. occurs when demand exceeds supply
- 11. severe and long-lasting recession
- 12. human activity which creates goods
- 13. economist who warned that money supply should be limited
- 15. commitment of resources to bring future profit
- 16. expansion occurs during an _____ in production
- 18. amount of money a buyer pays a seller for a good
- 19. economist who argued that value is subjective
- 20. when one party pays another for loss protection
- 21. resources used to create goods
Down
- 1. the desire to improve one's economic situation
- 3. states that economic problems are best handled by planners
- 5. this effect states consumers buy cheaper goods when prices rise
- 6. the quality of producing effectively with minimum waste
- 7. economics is the study of _____ that people make
- 8. type of good that lasts three years or less
- 9. occurs when firms work together to gain an advantage
- 14. type of agreement that involves only two nations
- 17. a durable good lasts at least how many years
- 22. highest point of the business cycle