Economics terms

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Across
  1. 1. deficit- a situation in which government, business firm, or individual received less income than is paid out in expenses
  2. 4. payments- payments of money from the government to individuals for which no specific economic repayment is expected
  3. 8. the factor of production denoting the activity of creatively combining natural resources, human labor, and financial capital in unique ways to develop new and useful products and services
  4. 11. cost- the payments business firms make in exchange for the four factors or production
  5. 13. of production- the resources used in producing the nations GDP: land, labor, financial capital, and entrepreneurship
  6. 14. the factors of production denoting all-natural resources that go into the production of goods
  7. 16. factors of production denoting all human effort that goes into the creation of goods and services
  8. 17. a table or chart explaining the relationship between pairs of variables
  9. 18. market- the vas collection of financial institutions that receive deposits of excess funds from households and that lend to business firms; includes commercial banks, saving and loan associations, credit unions, insurance companies, finance companies, and stock brokerage firms
  10. 19. graph- a graph formed by the plotting of data involving two variables and the connection of the resulting points to form a line
Down
  1. 1. surplus-a situation in which government, business firm, or individual received more income than is paid out in expenses
  2. 2. how much someone makes
  3. 3. payment for the use of the owner’s property
  4. 5. expenditures- the total expenditures made by all households
  5. 6. flow model- a model depicting the flow of economic goods and services between households, business firms, the government, and financial markets
  6. 7. additional charge that a creditor charges the borrower to cover the expense of the loan
  7. 9. factor cost involving the rewards entrepreneurs receive for successful risk-taking
  8. 10. model- a table or chart explaining the relationship between pairs of variables
  9. 12. the third factor of production and refers to goods used to produce other goods
  10. 15. possibilities curve- a model that enables an economist to see the maximum feasible amounts of two commodities that a business can produce when those items are competing for that business’s limited resources