Across
- 1. A public good that individuals cannot be excluded from consuming.
- 4. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
- 6. A person who receives the benefits of a good without paying for it.
- 10. A graphic representation of all possible combinations of two goods that an economy can produce.
- 11. Tasks that people pay others to perform for them.
- 14. An economy that is neither purely capitalist nor purely socialist; an economy that has some elements of both capitalism and socialism.
- 17. An agreement between two or more people to do something
- 19. The amount of money left over after all the costs of production have been paid. It exists when total revenue is greater than total cost.
- 21. A government plan specifying economic activities, such as what goods will be produced and what prices will be charged.
- 22. An adverse side effect of an act that is felt by others.
- 24. The amount of money by which total cost exceeds total revenue.
- 26. The science that studies the choices of people trying to satisfy their wants in a world of scarcity
- 28. Anything that satisfies a person's wants or brings satisfaction; also tangible products.
- 32. A good for which one person's consumption does not take away from another person's consumption.
- 33. Able to be felt by touch. Ex. a book.
- 34. The quality of bringing satisfaction or happiness.
- 35. The quality of bringing dissatisfaction or unhappiness.
- 36. The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
- 38. Something that we desire to have
- 40. An explanation of how something works, designed to answer a question for which there is no obvious answer
- 41. A phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the world; the growing integration of the national economies of the world to the degree that they could merge and operate as a single worldwide economy.
- 42. An economic system in which individuals (not the government) own most, if not all, the resources and control their use. The government plays only a small part in the economy.
- 44. The economic relationships that exist between different economic groups in an economy.
- 46. The condition in which our wants are greater than the resources available to satisfy them.
- 47. A sense of how the world works.
- 48. The belief that all value in produced goods is derived from labor.
- 49. The term used to describe work done for a company by persons other than its employees in a country other than the one in which the company is located.
Down
- 2. A public good that individuals can be physically excluded from consuming.
- 3. An economic unit of one person or more that sells resources and buys goods and services.
- 5. The branch of economics that deals with human behavior and choices as they relate to relatively small units--individuals, business firms, and single markets.
- 7. Property Any good that is owned by an individual or a business.
- 8. Value The difference between the total value of production and the subsistence wages paid to workers.
- 9. An economic system in which the government controls and may own many of the resources.
- 12. Anything that is used to produce goods or services, for example a person's labor may be used to produce computers, TV sets.
- 13. Produced goods that can be used as resources for further production. Factories, machines, and farm tractors are capital.
- 15. The way all the income earned in a country is divided among different groups of income earners.
- 16. A good for which one person's consumption takes away from another person's consumption.
- 18. All the natural resources found in nature. Acres of wheat fields, mineral deposits, and water in a stream are all considered land.
- 20. Not able to be felt by touch. Ex. A Lecture
- 23. Something that encourages or motivates a person to take action.
- 25. A beneficial side effect of an action that is felt by others.
- 27. A person who has a special talent for searching out and taking advantage of new business opportunities.
- 29. The most highly valued opportunity or alternative given up when a choice is made.
- 30. The principles of conduct, such as right and wrong, morality and immorality, good and bad
- 31. A means for deciding who gets what portion of the available resources and goods.
- 37. In economics, means "additional"
- 39. Property Any good that is owned by the government.
- 43. System The way in which a society decides what goods to produce goods, and for whom goods will be produced.
- 45. A situation in which having more of one thing necessarily means having less of something else.