Unit 1 - Market Economies

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Across
  1. 3. A small number of large companies that tend to collude to maintain dominance in an industry
  2. 5. Arrangement that enables buyers and sellers to make contact for transactions
  3. 6. Acronym used for supply shifters
  4. 12. Resources that are necessary for everyday survival
  5. 15. Acronym used for demand shifters
  6. 16. The value given up by not taking advantage of the next best alternative
  7. 17. As the price decreases, the quantity increases, and vice versa
  8. 18. Natural resources
  9. 19. The driving force of economics, results when limited resources meet unlimited demands
  10. 22. When you give up something in the long-term to satisfy an immediate want
  11. 23. Risk-takers who decide how to combine other factors of production to create a new good or service
  12. 24. Resources that improve your quality of life
  13. 25. The ruler or government makes all economic decisions and owns all of the factors of production
  14. 26. A situation that involves losing the quality or value of one thing for that of an alternative
  15. 27. Resources that are made or used to produce goods and services
Down
  1. 1. A single company represents all or nearly all of an industry
  2. 2. Contribution to the production of goods and services
  3. 4. As the price rises, the quantity rises, and vice versa
  4. 7. Relies on habit, history, and cultural custom, as well as bartering and perhaps trade
  5. 8. Resources that are inessential and expensive yet highly desired
  6. 9. Economic decisions are made by consumers and producers based on the laws of supply and demand
  7. 10. Large number of small companies competing against each other
  8. 11. The power of consumers to decide what gets produced
  9. 13. Producers and consumers find themselves in an agreement for the prices that are set for goods and services
  10. 14. Refers to an imperfectly competitive market with the traits of both a monopoly and a competitive market
  11. 20. How people seek to satisfy their needs and wants by making choices
  12. 21. The government has a role, including regulations of public services, taxes, and subsidies, but it is a limited role