Across
- 2. work done for someone else
- 4. total demand of all consumers for the product or service
- 8. measure of how the quantity supplied of a good or service changes in response to changes in price
- 9. the manufactured goods used to make other goods and services
- 10. buying on emotions
- 11. individual who starts a new business, produces a new product , or improves processes
- 12. markets where the producers offer goods and services for sale
- 15. the alternative you face if you decide to do one thing rather than another
- 16. the ability of a country to produce a good at a relatively lower cost than another country can
- 18. comparing the marginal benefit to the marginal cost
- 19. countries whose average per capita income is only a fraction of that in more industrialized countries
- 22. the quality of life based on the possession of necessities and luxuries that make life easier
- 23. the driving force that encourages organizations and people to improve their material well being
- 25. government should not interfere in the market place
- 27. the cost of the next best use of your time or money when you choose to do one thing over another
- 29. limits on the amount of foreign goods imported
- 31. the consumer determines what products will be produced
- 32. lending money to a company or government
- 33. competition is allowed to flourish with a minimum of government interference
- 34. all the gifts of nature that make production possible
- 42. study of how we make decisions in a world of limited resources
- 43. total of the supply schedules of all businesses that provide the same good or service combined
- 45. an economic system in which private citizens own and use the factors of production in order to seek a profit
- 47. the principle that our marginal utility tends to go down as more units are consumed
- 49. gross domestic product
- 50. theory that tries to explain human economic behavior
- 54. economic decisions are based on custom or habit
- 55. how much something costs
- 58. the additional benefit received when one more unit os produced
- 60. amount of money after all the the costs of production have been paid
- 62. the additional cost of producing an additional unit of output
- 64. the money that remains after all taxes have been paid
- 72. the degree to which resources are being used efficiently to produce goods and services
- 73. what the price of your nations currency is in terms of another nations currency
- 75. a countries way of producing the things its people want and need
- 76. the extent to which a change in price causes a change in the quantity demanded
- 78. physical object/books or automobiles
- 79. quantity supplied and price move in the same directions
- 81. workforce
- 82. inability to pay debts
- 83. borrowing money to pay for something now promising to repay it later
- 84. study of the behavior and decision making of individuals or small businesses
- 85. things you would like to have
- 86. pools of money from many people
- 87. the difference between the value of a nations exports and its imports
Down
- 1. the act of buyers and sellers freely and willingly engaging in market transactions
- 3. occurs whenever we do not have enough resources to produce all the things we want to have
- 5. the money remaining after paying for necessities
- 6. the amount by which the quantity demanded is higher than the quantity supplied
- 7. payment people receive when they lend money
- 8. competing products
- 13. we rely on others and others rely on us to produce different goods or services
- 14. decisions are made in free markets based on the interaction of supply and demand
- 17. a positive balance of trade
- 20. to set aside income for a time so you have it to use later
- 21. things used in making goods and providing services
- 24. the free and willing exchange of goods and services between buyers and sellers
- 26. when supply and demand reach a balance
- 28. major economic decisions are made by the government
- 30. a numerical chart that illustrates the law of supply
- 35. annual cost of credit expressed as a percentage of the amount borrowed
- 36. the various quantities of a good or service that producers are willing to sell at all possible market prices
- 37. the belief that the means of production should be owned and controlled by society either directly or through the government
- 38. table that lists the various quantities of a product or a service that someone is willing to buy over a range of prices
- 39. a maximum price set by the government that can be charged for goods and services
- 40. a graph that shows the amount of a product that would be bought at all possible prices in the market
- 41. we have the right to own and use or discard our own property
- 43. individuals carry on their economic affairs freely but are subject to some government intervention
- 44. resources necessary to produce goods or services
- 46. study of the economy as a whole and the decision making of big industries
- 48. goods purchased from abroad
- 51. breaking down a job into smaller tasks performed by different workers
- 52. you spend on everything
- 53. takes place when people, regions, or countries concentrate on different goods or services they can produce better than anyone else
- 54. tax on imported goods
- 56. markets where productive resources are bought and sold
- 57. desire and ability to buy a good or service
- 59. a negative balance of trade
- 61. money you earn
- 63. required for survival
- 65. products used together
- 66. additional satisfaction from each additional unit consumed
- 67. the struggle between buyers and sellers to sell the best products at the lowest prices
- 68. quantity demanded and price move in opposite directions
- 69. the methods used to make goods and services
- 70. the lowest legal wage that can be paid to most workers
- 71. a movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
- 74. property or valuable items that a borrower pledges as a security for a loan
- 77. goods sold to other countries
- 80. buying partial ownership of a company