Unit 1 Vocab

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Across
  1. 5. an activity involving two or more firms where each firm tries to get people to buy it's goods in preference to the other firm's goods
  2. 8. an economic system that relies on history, customs, and beliefs
  3. 11. the share of the labor force that is without work but available for and seeking employment
  4. 12. a higher supply than what is demanded of a product
  5. 14. the between point of an economic expansion and contraction
  6. 15. land labor capital and entrepreneurship
  7. 17. the demand for a good or service is greater than the availability of the good or service
  8. 19. Something that gives people the motivation to take a certain course of action
  9. 21. the potential benefits that a business, an investor, or an individual consumer misses out on when choosing an alternative over another
  10. 23. of or relating to money and how it moves around in the economy
  11. 24. marks a low point in economic activity
  12. 25. a significant, long term decline in economic activity
  13. 26. people who buy or use goods and services to satisfy their wants
  14. 28. the portion of economics that is large scale and general economic factors
  15. 30. an increase in economic activity
Down
  1. 1. the willingness and ability of a consumer to buy goods and services at a specific price
  2. 2. monetary or fiscal policy used to stimulate the economy
  3. 3. the portion of economics that is concerned with small scale and how individuals make economic decisions
  4. 4. an economic model that shows the flow of money, services, and goods
  5. 6. when control over a market lies in the hands of a few large producers
  6. 7. how much money is made off of something
  7. 9. what you exchange when you choose one thing over the other
  8. 10. an economic system that has little to no government control
  9. 12. a stock of a resource
  10. 13. a policy or attitude of letting things take their course without interference
  11. 16. government revenue and taxes
  12. 18. an economic system that is overseen by the government
  13. 19. an increase in prices of goods and services
  14. 20. the percentage of an amount of money that is paid for its use over a period of time
  15. 22. a state in which something needed can not be collected in sufficient quantities
  16. 24. the point where a business model shift and trends change
  17. 27. when one producer has control over the entire market
  18. 29. an economic system that combines market and command economics