Across
- 5. An example of this kind of good is hot dogs and hot dog buns, waffles & syrup. When one price goes up, it may affect the sales of the other.
- 6. The dollar value of all final goods, services and structures produced in one year with labor and property supplied by US residents.
- 8. A period of decline in the economy; the decline must last at least 6 months.
- 9. Opportunity cost states that there is no such thing as a ______ lunch. There is always a cost for the choices you make.
- 14. This type of economic system does not allow free enterprise; also called a command economy.
- 16. A factor of production; money, buildings, equipment and tools used to run in a business.
- 18. A factor of production; everything contained in the earth or sea.
- 21. A factor of production; people who invest time and money to run a business.
- 22. The study of the way a nation (or business or person) uses its limited resources to satisfy unlimited wants and needs.
- 23. The point where GDP stops growing.
- 24. In this type of economy, there is market competition and private ownership of business.
- 25. Smith The Father of Economics.
- 26. In this type of economy, there is more government involvement than capitalist nations, but government runs key industries such as transportation and banking.
- 27. The rise in the general price level.
- 28. Price Index Reports on prices changes for goods.
- 31. of Production The way a nation uses its productive resources to produce and distribute goods and services.
- 34. The study of the economics of an entire country.
- 35. The dollar amount value of all final goods and services produced within a country’s borders in a year.
- 36. A period of recovery from a recession.
- 38. The turnaround point where GDP stops going down.
- 40. Unemployment Unemployment resulting from changes in weather or demand for the product.
- 41. of Demand There is an opposite relationship between price & quantity. When the price goes down, consumers buy more.
Down
- 1. Unemployment Unemployment directly related to swings in the business cycle.
- 2. Unemployment Workers who are between jobs for whatever reason.
- 3. When producers make too much of a product and have to reduce the price to sell it.
- 4. Hand This concept means less government involvement; supply and demand will govern the market by itself, there’s no need for government interference.
- 7. This economic system is commonly found in rural settings in 2nd or 3rd world nations.
- 10. The point where the supply curve and demand curve intersect.
- 11. The quantities of a product consumers are willing and able to buy at various prices given a time period.
- 12. The study of the economics of a small unit, such as a family or business.
- 13. A factor of production; all the people who work.
- 15. All resources are limited.
- 17. A severe recession with high unemployment; very rare.
- 19. A decrease in the general price level.
- 20. Schedule A listing that shows the quantity demanded (of a product) at all prices that might occur in a market at a given time.
- 29. When producers do not make enough of a product.
- 30. The amount earned when calculating the equilibrium (price x quantity)
- 32. Unemployment Workers with less skills, talent or education are replaced by machines to do their jobs.
- 33. Indicators Statistics that describe how well an economy is performing.
- 37. The quantities of a product that sellers are willing and able to produce at a given price.
- 39. of Supply There is a direct relationship between price & quantity. If sellers can get a higher price, they will make more of a product.