Economics Vocabulary

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Across
  1. 3. a portable instrument that is used as an intermediary to facilitate the sale and purchase of goods between parties
  2. 4. the demand for a good or service is greater than the availability of the good or service
  3. 6. The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business
  4. 9. economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises
  5. 12. financial motivations for people to take certain actions
  6. 14. the change in total production cost that comes from making or producing one additional unit
  7. 15. the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons
  8. 16. to the ability of people to meet their needs consistently
  9. 17. when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others
  10. 18. represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another
Down
  1. 1. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency
  2. 2. the inputs used to produce a good or service in order to produce income
  3. 5. the principle that consumers, through their purchasing decisions, determine the demand for goods and services, and therefore have a powerful influence on what is produced and how it is produced
  4. 7. consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society
  5. 8. an economy based on capitalism, where goods and services are freely exchanged on an open market
  6. 10. a type of transaction where two parties freely trade goods or services
  7. 11. when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized
  8. 13. questions asked to determine the state of the economy