Across
- 3. The relationship between how much of a good or service is available and how much people want it, which helps determine price.
- 4. In a _______________ economy the system combines elements of both a market economy and a command economy.
- 5. Human __________________ describes the skills, education, and abilities that the working population have and use to produce goods and services.
- 6. The branch of economics that focuses on the behavior of individuals, households, and businesses.
- 8. The study of how people and societies make choices about the use of the limited resources available to satisfy the wants and needs of the population.
- 9. In a ________________ economy the economic system is based on customs, traditions, and long-standing practices.
- 10. The cost or value of the next best alternative that must be given up when a choice is made.
- 11. A condition that occurs because people’s wants and needs are unlimited. While the resources needed to produce goods and services to meet the wants and needs of consumers are limited.
Down
- 1. In a __________ economy the government controls what is produced, how it is produced, and how goods are distributed.
- 2. The buying and selling of goods and services between countries around the world.
- 4. In a __________ economy decisions about production and prices are made by individuals and businesses through buying and selling.
- 7. The branch of economics that studies the overall performance and behavior of an economy as a whole.