Introduction to Economics

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Across
  1. 2. President who explained that every gun made is theft from those who hunger
  2. 5. Even __________ things have opportunity costs because you sacrifice time
  3. 6. Economics is NOT just the study of __________ or getting rich
  4. 9. Universities changed incentives from enrollment to __________ rates
  5. 11. In the "guns vs. butter" problem, guns represent __________ spending
  6. 13. This affects everyone, regardless of wealth or success
  7. 15. Poorly designed incentives create __________ outcomes
  8. 17. The study of the economy as a whole, including unemployment and inflation
  9. 19. The assumption that people have unlimited wants but limited resources
  10. 20. Rational decisions happen when these exceed costs
Down
  1. 1. The study of individual decisions like hiring and pricing
  2. 3. Alfred Marshall said economics studies people in the __________ business of life
  3. 4. These guide behavior and policy; getting them right solves problems
  4. 7. When you choose one thing, you give up something else; this is called __________ cost
  5. 8. In the "guns vs. butter" problem, butter represents __________ goods
  6. 10. The US spends almost __________ as much per person on healthcare as other rich countries
  7. 12. The country that paid bounties for rat tails, creating a perverse incentive
  8. 14. Economics is the study of people and their __________
  9. 16. A common misconception: economics is just about the __________ market
  10. 18. Economics examines how people get and use this