Across
- 3. cost the next best alternative foregone when a choice is made
- 5. economy an economy where decisions are made by individuals and firms based on supply and demand
- 7. goods or services essential for survival, such as food, water, and shelter
- 9. economy an economy combining elements of both market and planned systems
- 10. the fundamental economic issue of finite resources and limitless desires
- 11. economy an economic system where the government makes all the decisions about production and distribution
- 13. the Swiss city where the headquarters of the Swiss National Bank is based
- 14. a measure of how much quantity demanded or supplied responds to a change in price
- 16. the currency of Bulgaria
- 18. of production the four key resources: land, labour, capital, and enterprise
- 19. a good that can be used in place of another
Down
- 1. mechanism the process by which prices rise and fall as a result of changes in supply and demand
- 2. a good that is consumed together with another goodcomplement,a good that is consumed together with another good
- 4. desires for goods and services we would like but do not need for survival
- 6. inputs used in the production of goods and services, such as land, labour, and capital
- 8. the quantity of a good that producers are willing and able to sell at a given price
- 12. the quantity of a good that consumers are willing and able to buy at a given price
- 13. khalifa the world’s tallest building in Dubai, United Arab Emirates
- 15. when a change in price leads to a small change in quantity demanded
- 17. world's most populated city
- 20. the common abbreviation for the currency of the United States — United States Dollar