Across
- 5. Opportunity cost states that there is no such thing as a ________ lunch. There is always a cost for the choices you make.
- 7. The key to trade is __________.
- 10. Consists of 27 member states in Europe; also known as the European Community (EC).
- 13. All resources are limited.
- 15. Goods purchased from another country and brought into a home country (coming into a country).
- 18. A good that is unable to be touched or grasped, not having physical presence. Another name for "service."
- 19. A factor of production; people who invest time and money to run a business.
- 22. An example of this kind of good is hot dogs and hot dog buns, waffles & syrup. When one price goes up, it may affect the sales of the other.
- 23. When producers make too much of a product and have to reduce the price to sell it.
- 26. This acronym represents an agreement that was signed by 23 countries; it did away with import quotas and reduced the price of tariffs.
- 27. There is an opposite relationship between price and quantity. When the prices goes down, consumers buy more.
- 32. The study of the way a nation (or business or person) uses its limited resources to satisfy unlimited wants and needs.
- 33. When the price of one country's currency is described in terms of another country's currency.
- 40. A listing that shows the quantity demanded (of a product) at all prices that may occur in a market at a given time.
- 41. Goods bought and used by customers, rather than by manufacturers for producing other goods.
- 43. In this type of economy, government controls the factors of production.
- 44. Goods we buy often and can't live without (toothpaste, water, milk, bread).
- 46. The study of the economics of a small unit, such as a family or business.
- 47. This economic system is commonly found in rural settings or in 2nd/3rd world nations.
- 48. The way a nation uses its productive resources to produce and distribute goods and services.
Down
- 1. This concept means less government involvement; supply and demand will govern the market by themselves, there's no need for government interference.
- 2. The quantities of a product consumers are willing and able to buy at various prices given a period of time.
- 3. This acronym represents a tax in Europe that is distributed to members based on need.
- 4. Limits based on the quantities that can be imported.
- 6. Goods sold from a home country to another outside country (going out of a country).
- 8. In this type of economy, there is market competition and private ownership of land.
- 9. When producers do not make enough of a product.
- 11. There is a direct relationship between price and quantity. If sellers can get a higher price, they will make more of a product.
- 12. An order by government prohibiting movement of ships into or out of ports.
- 14. The quantities of a product that sellers are willing and able to produce at a given price.
- 16. The single currency in Europe that replaced individual nation currencies.
- 17. This acronym represents a trade organization that consists of 142 countries around the world.
- 20. A good meant to last for a short time or have a one-time use.
- 21. Inexpensive items that require little effort to buy, usually unplanned purchases.
- 22. A factor of production; money, buildings, equipment and tools used to run a business.
- 24. When a country is able to produce more of a given product than another, it has a(n) __________.
- 25. When a country earns more on exports than it spends on imports, there is a ________.
- 28. The study of the economics of an entire country.
- 29. The point where the supply curve and the demand curve intersect.
- 30. A factor of production; everything contained in the earth or sea.
- 31. When a country spends more on imports than it earns on exports, there is a ________.
- 34. This acronym represents an agreement that made trade easier among the U.S., Canada, and Mexico.
- 35. In this type of economy, there is more government involvement than capitalist nations, but government runs key industries such as transportation and banking.
- 36. Any good you can physically touch.
- 37. The amount earned when calculating the equilibrium (price x qty).
- 38. The Father of Economics.
- 39. A good meant to last for years.
- 42. A factor of production; all people who work.
- 45. Taxes placed on imports.