Midterm Review Economics

Edit Answers
123456789101112131415161718192021222324252627282930
Across
  1. 1. Price and quantity supplied are directly related: Price goes UP; Quantity supplied goes DOWN.
  2. 5. Competition where there are a large number of buyers and sellers but different products.
  3. 6. Government and entrepreneurs ask these questions.
  4. 10. The cost of the next best alternative.
  5. 13. Where the FOP are bought and sold.
  6. 16. Competition where there are a large number of buyers adn sellers that sell the exact same products.
  7. 20. Items that are not required for basic living
  8. 21. Positive effect of a choice
  9. 22. The part of economics theory that deals with behavior and decisions making by individual units.
  10. 24. Few LARGE sellers dominate the market;crude oil
  11. 25. Items that are required for basic living
  12. 27. Small change
  13. 28. A schedule that TABLE shows various quantities of a product supplied at all possible prices.
  14. 29. What are the factors of production?
  15. 30. Individual who takes a risk in order to find a profit, create jobs, and improve society.
Down
  1. 2. Price and quantity demanded are inversely related: Price goes UP; Quantity Demanded goes DOWN.
  2. 3. Market structure where there is only one seller with a particular product;Absolute control over prices and no product differentiation.
  3. 4. Study of how people try to satisfy unlimited wants.
  4. 7. A location that allows buyers and sellers to exchange money for a product.
  5. 8. A schedule that shows a TABLE that shows the qd at a particular product at different prices.
  6. 9. What is the basic economic problem that causes all of us to make decisions?
  7. 11. Business that is jointly owned; General, Limited; Shared Profits
  8. 12. Recognized by law as a separate legal entity;owned by stockholders;charter;Dividend
  9. 14. Because of SCARCITY we have to make decisions, which creates...
  10. 15. What are decisions called when the benefits are greater than or equal to the costs of the decision?
  11. 17. There is no such thing as free lunch
  12. 18. Combination of two or more businesses to form a single firm
  13. 19. Where products are bought and sold.
  14. 23. Business owned and run by a single individual; Over 70% of businesses
  15. 26. What analysis is a way of comparing the costs of an action to the benefits recieved.