Across
- 1. Physical and human effort exerted in production
- 3. The essentials of life such as food and shelter
- 7. Most democratic form of economic system
- 12. it is an Increase in value of an asset overtime
- 13. A market situation in which there are FEW firms producing differential goods
- 16. The authoritative economic system
- 19. A mandatory financial Charge imposed upon a taxpayer by a governmental organization
- 20. Is a condition where there are insufficient resources to satisfy all the needs and wants of a population
- 22. An economic system wherein decisions are based on traditions and practices upheld over the years and passed on from generation to generation
- 24. Specific type of oligopoly where there is only two producers exist in one market
- 26. it is an art of turning idea into business
- 28. Is the study of production, distribution, Selling and use of goods and services
- 30. ____ Marshall described economics as the study of mankind in the ordinary business life
- 35. _____ wage is the minimum amount of remuneration that an employer is required to pay a worker
- 36. The law of demand describes how price affects _______
- 37. Refers to using one’s savings in a way that earns a return
- 38. _____ Scarcity is when a good is scarce compared to its demand
Down
- 2. _____ scarcity is when supply is limited
- 4. Is a good that can be used in place of another
- 5. It is a property in which the owner receives payments from the occupants
- 6. When price goes up, demand goes ____
- 7. Refers to the market situation where there is one seller and there is no close substitute to the commodities sold by the seller
- 8. When income goes up, Consumers buy _____
- 9. A form of market in which there are large numbers of sellers selling differentiated products which are similar in nature but not homogenous
- 10. The amount of a product that is offered for sale at all possible prices in the market
- 11. Price is ____, A feature of perfect competition
- 14. _____ competition is a Market Structure in which large number of sellers sell a homogenous product at uniform price
- 15. Desires for non-essential items
- 16. Man-made resources used in the production of goods and services
- 17. In traditional economy, methods are ______
- 18. Soil and natural resources that are found in nature and are not manmade
- 21. _________ goods are things that are often sold or used together
- 23. A state in which the supply and demand for a given good or service are in balance
- 25. _______ cost refers to the value of the best foregone alternative
- 27. An asset or item acquired with the goal of generating income
- 29. ______ Resources came from nature that are used in production
- 31. Quantities of a particular good or service consumers are willing and able to buy at different possible prices
- 32. Is a division of economics that is concerned with the overall performance of the entire economy
- 33. ______ goods are goods identical in quantity, shape, size, colour, and packaging
- 34. Any firm can ______ or leave the industry whenever it wishes