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