Economics Units 1-5 Exam Review

Edit Answers
1234567891011121314151617181920212223242526
Across
  1. 2. The promise of economic ____________ means that you give up a degree of economic freedom
  2. 3. A ____________ benefit is the change in total benefit that results from an action
  3. 7. Federal ___________ System a central bank for the United States established by Congress in 1933
  4. 11. The main source of income for the United States for many years
  5. 12. Socialism and _____________ differ in terms of who makes economic decisions
  6. 13. Greek word from which we get the word economics
  7. 16. _________ Choice Theory emphasizes the role of self-interest in decision-making
  8. 18. ____________ cost is the greatest benefit that a produce gives up when he makes a choice
  9. 20. ___________ economies try to insure stability while sacrificing the possibility of significant growth
  10. 21. The production possibilities ___________ is the maximum production that an economy can have, given its production resources.
  11. 24. Economic effects external to the direct production of goods
  12. 25. In the United States, ___________ is a medium of exchange
  13. 26. are tangible items that companies or individuals produce for consumption
Down
  1. 1. A cigarette warning label is an example of a _____________
  2. 4. Gross _____________ Product is also known as the GDP
  3. 5. The reason behind the overall trend of economic growth in the United States
  4. 6. The prevailing economic philosophy when Adam Smith published “The Wealth of Nations”
  5. 8. Jesus said that we cannot serve the two masters of God and __________.
  6. 9. Jesus taught that our lives do not consist of our ____________ even when we have an abundance.
  7. 10. Economic _____________ the goal of encouraging the people in an economy to be as productive as possible in making goods and services available
  8. 14. In terms of economics, ___________ means materials used to produce goods
  9. 15. ____________ resources are the elements that producers use to create goods and services
  10. 17. _____-economics is the examination of how individual households and companies make decisions and how buyers and sellers interact in the market
  11. 19. ___________ capitalism is a type of business in which people build large enterprises that do not make things themeselves, but incest huge sums of money in companies that do
  12. 22. In a __________ economy, some authority dictates what and how much producers will produce
  13. 23. are intangible duties that people perform for pay
  14. 24. Economic _____________ is the goal of having people in a society share goods and services as equally as possible