Unit 1 - Intro to Econ

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Across
  1. 2. factor of production represent by sugar in the production of Skittles
  2. 4. most common type of economy in the world today - blend of free and command economies
  3. 7. this curve represents opportunity cost for producing at maximum capacity in an economy
  4. 12. individual who combines the factors of production to create a good or service
  5. 16. inside the production possibility curve
  6. 19. factor of production represented by jenny working overtime at the grocery store
  7. 20. land, labor, capital
  8. 21. type of externality represented by the increased traffic associated with the opening of a new Starbucks in your neighborhood
  9. 23. unlimited needs and wants leads to?
  10. 24. believed that free markets exploited workers
  11. 26. economic process of weighing pros and cons of any economic decision
  12. 28. branch of economics that deals with individual decisions, like why consumers choose to supersize meals
  13. 29. side effect of an economic decision
  14. 30. oven at a bakery would be considered this factor of production
  15. 31. economic theorist that praised the free market system
Down
  1. 1. economic principle that drives people to act in a certain way, for example a paycheck drives people to work.
  2. 3. type of economic system unique to America - some free market, some centrally planned
  3. 5. you give up hanging out with your friends to study for the Econ exam
  4. 6. model that illustrates how households and firms exchange resources and $ in a free market (like the Econo game)
  5. 8. type of economy in which people typically do what their family has done for generations
  6. 9. a contractors knowledge of building codes would be considered this factor of production
  7. 10. type of good provided in a mixed economy that is accessible to everyone - e.g. city park
  8. 11. one of the main goals of American Free Enterprise reflected by increasing GDP
  9. 13. combines factors of production
  10. 14. Adam Smith's force that guides the overall function of the market
  11. 15. one of the government's roles in American Free Enterprise (hint: medicare, social security, etc)
  12. 17. type of science that is heavily represented by numbers (e.g. Economics)
  13. 18. type of economy Karl Marx would have supported
  14. 22. law that states that more and more resources are needed when switching production from one item to another
  15. 25. branch of economics that deals with big things like overall unemployment rate
  16. 27. type of market in which their is no government regulation