Across
- 4. Price The price at which supply and demand are equal or nearly equal.
- 6. A system that combines aspects of both capitalism and socialism.
- 8. Cost Represents benefits missed out when choosing one alternative over another.
- 10. the percentage of people actively looking for work but unable to find jobs
- 14. A consumer's desire to purchase goods and willingness to pay a specific price.
- 15. consumers spend more, businesses grow, and job opportunities increase.
- 18. System that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions.
- 19. the total value of goods and services a country produces
- 20. Curve Graph showing how a change in price affects the quantity a seller supplies.
- 21. the lowest point before the economy begins to recover again.
Down
- 1. The tools, machines, and buildings used to make goods and services
- 2. Total amount of a given product or service offered to consumers at a given period and price level.
- 3. Something that is in short supply.
- 5. factor of production-Includes all natural resources used to produce goods and services
- 6. The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
- 7. Part of economics concerned with single factors and the effects of individual decisions.
- 9. Curve Graphical representation of relationship between price of a good and the quantity demanded.
- 11. the economy is at its strongest point, but inflation may start to rise.
- 12. A system where supply and demand direct the production of goods and services, not controlled by central authority.
- 13. A system in which a central government makes all economic decisions.
- 16. people may spend less, businesses may cut back on hiring, and wages can stagnate
- 17. The human effort (physical and mental) put into producing goods and services
- 18. vision, skill, and risk-taking of people who bring the other three factors together to create