Economics Key Terms

Edit Answers
123456789101112131415161718192021222324252627
Across
  1. 1. the study of the economic behavior and decision making of small units (individuals, families or businesses)
  2. 4. the act of giving up one benefit in order to gain another greater benefit
  3. 5. produced means of production
  4. 8. a good that can be used in place of another
  5. 11. interaction of demand for and the supply of outputs of production
  6. 14. a good that typically pairs with another good
  7. 15. supply and demand interact to determine this at a certain quantity produced
  8. 17. a measure of how consumers react to a change in price
  9. 18. the amount of a resource that consumers are willing to purchase
  10. 19. physical objects that someone produces
  11. 20. the extra cost of adding one unit
  12. 22. the financial gain made from a transaction (x = selling price - costs)
  13. 24. the concentration of productive efforts of individuals and firms on a limited number of activities
  14. 26. this is what you give up to make a decision
  15. 27. supply and demand interact to determine this at a certain price level
Down
  1. 2. organizing factors of production for the purpose of making profit
  2. 3. a good that consumers demand less of when their incomes increase
  3. 6. a good that consumers demand more of when their incomes increase
  4. 7. an expectation that encourages people to behave in a certain way
  5. 9. a non-tangible action or activity one person performs for a price
  6. 10. an organization that uses resources to produce a product, which it then sells
  7. 11. the extra advantage of adding the same unit
  8. 12. limited amounts of goods and services are available to meet unlimited wants
  9. 13. the study of the behavior and decision making of entire economies
  10. 16. human effort to produce goods, in exchange for income
  11. 17. graphical representation of all possible combinations of the production of two goods that an economy can produce
  12. 19. total market value of all final goods and services produced in the economy over a period of time
  13. 21. the amount of a resource that firms are willing to supply
  14. 23. the study of how people seek to satisfy their needs and wants by making choices
  15. 25. the struggle among producers for consumers' money