Economics Unit 1 and 2 Key Terms

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Across
  1. 2. : When one variable goes up, the other goes up too; when one goes down, the other goes down.
  2. 4. : The principle that producing more of one item means giving up increasing amounts of another item.
  3. 5. : The study of how people and societies make decisions about scarce resources.
  4. 7. : The benefit you give up when you choose one option instead of another.
  5. 12. : The part of economics that deals with opinions and value judgments about what should happen.
  6. 14. : The idea that adding more of one resource while keeping others the same eventually produces less and less extra output.
  7. 15. : The boundary line on a production possibilities graph that shows the maximum that can be produced.
  8. 17. : Choosing one option over another because it is more important or beneficial.
  9. 20. : The result or outcome that happens after an action or a decision is made—or not made.
  10. 21. : Someone who is directly affected by or has an interest in an economic decision.
  11. 23. : A belief that sounds true but has been proven false.
  12. 24. : The point (0,0) where the x-axis and y-axis meet on a graph.
  13. 25. : Tools, machines, or equipment used to make other goods.
  14. 28. : The idea that when all inputs are increased together, output grows at an even faster rate.
  15. 30. : A resource used to make something, like land, labor, or capital.
  16. 32. : The goods or services created by using resources such as land, labor, and capital.
  17. 33. : To cut back or make careful choices so that limited resources are used wisely.
Down
  1. 1. : The oversimplified idea that one event has only a single cause when there may be many.
  2. 3. : A graph that shows the different combinations of goods an economy can produce.
  3. 6. : Giving up one thing in order to gain something else.
  4. 8. : Products made for people to use directly, like clothes or food.
  5. 9. : When one variable goes up, the other goes down, and vice versa.
  6. 10. : The false idea that just because one event happens before another, it must have caused it.
  7. 11. : The part of economics that focuses on facts and real-world evidence.
  8. 13. : The cost of making one item shown in terms of how much of another item must be sacrificed.
  9. 16. : A system where people, businesses, and governments interact, creating flows of money, goods, and services.
  10. 18. : Using resources in a way that actually reaches the goal you want, like meeting a need or desire.
  11. 19. : The mistake of thinking what’s true for one person or group is automatically true for everyone.
  12. 22. : Achieving a goal while using the least amount of resources possible.
  13. 26. : A step-by-step process of studying problems that involves observing, collecting data, forming explanations, and testing them.
  14. 27. : The satisfaction or benefit someone gets from choosing or using something.
  15. 29. : A field of study that looks at human behavior, like economics, history, or sociology.
  16. 31. : An imaginary unit used to measure satisfaction or happiness from consuming a product.