Across
- 3. a product that is used together with another product
- 5. ______ Mechanism - the way the decisions made by households and firms interact to decide the allocation of resources
- 6. a payment to the government
- 8. ________ Economic System - an economic system where the government makes the crucial decisions, land and capital are state-owned and resources are allocated by directives
- 11. the amount by which demand is greater than supply
- 13. a product that can be used in place of another
- 16. the addition of individual components to arrive at a total amount
- 17. _______ Goods - a product whose demand decreases when income increases and decreases when income increases
- 18. a situation where thereis not enough to satisfy everyone's wants
- 19. ______ Economic System - an economy in which both the private and public sectors play an important role
- 20. _________ Goods - goods and services purchased by households for their own satisfaction
Down
- 1. _________ Price - the price where demand and supply are equal
- 2. the best alternative forgone (two words)
- 4. the willingness and ability to buy a product
- 5. a curve that shows the maximum output of two types of products and combinations of those products that can be produced with existing resources and technology
- 7. ______ Good - a product which does not require any resources to make it and so does not have an opportunity cost
- 9. risk bearing and key decision making in business
- 10. the willingness and ability to sell a product
- 12. ________ in supply - a rise in the quantity supplied caused by a rise in the price of the product itself
- 14. _______ Supply - total supply of a product
- 15. Occupationally _______ - capable of changing use
- 21. a payment by a government to encourage the production or consumption of a product