Economics Unit 1 vocab

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Across
  1. 3. A general increase in prices and fall in the purchasing value of money
  2. 4. The amount of goods available
  3. 5. Cost of the next best alternative use of money, time, and resources when one choice is made rather than another
  4. 6. Goods and services are produced the way it has always been done
  5. 8. Consumer willingness and ability to buy products
  6. 9. Idea that government should play as small a role as possible in economic affairs
  7. 10. The struggle among producers for the money of consumers
  8. 11. The study of the economy as a whole including topics such as inflation unemployment, and economic growth
  9. 13. The study of economic behavior and decision making of small units, such as indviduals, families, and businesses
  10. 17. Attempts to use monetary policy or fiscla policy to stimulate the economy (Ex: stimulus checks,lowering interest rate)
  11. 19. The financial gain made in a transaction
  12. 20. A person who purchases goods and services for personal use
  13. 21. Of or relating to money or currency
  14. 28. An economic system that uses a mixture of traditional, market, and command elements
  15. 29. An economic system in which the government controls a country's economy
  16. 30. A situation in which quantity demanded is greater than quantity supplied
  17. 31. Attempts to detect, as early as possible, the moment when the industial trends are reversed
Down
  1. 1. A period of economic growth as measured by a rise in real GDP
  2. 2. Land,Labor, and Capital; the three groups of resources that are used to make all goods and services
  3. 7. A slowdown in a nation's economy
  4. 12. Involving financial matters
  5. 14. Benifits or costs of an action that influence people's decisions and behavior
  6. 15. The pattern in which goods, services, and resources flow in the marketplace
  7. 16. Economic system in which decisions on production and consumption of good and services are based on the voluntary exchange in markets (market decides economic decisions)
  8. 18. The study of unlimited wants but with limited resources
  9. 22. The act of giving up one benefit in order to gain another, great benefit
  10. 23. A market in which there are many buyers but only one seller
  11. 24. The percentage at which the money loaned is returned with added percentage multiplied by the original cost
  12. 25. Measures the number of people who are able to work but do not have a job during a period of time
  13. 26. A market structure in which only a few sellers offer similar or identical products
  14. 27. A low point or a local minimum of a busisness cycle