Across
- 4. Economy Economy that relies on customs, history, and time-honored beliefs.
- 10. Anything used to incite or motivate buyers; “Buy one – Get one free”
- 11. Using goods or services
- 13. Materials used in the production of goods and services; Examples - natural, human, capital, and entrepreneurship
- 15. Earnings minus expenses
- 18. of Demand Consumers buy more when the price is low and buy less when the price is high.
- 19. Market Economy Economy that operates with little influence from the government; Capitalism
- 20. Cost Value of what is given up when making a choice
- 22. Rivalry that produces better quality, lower prices, and more choices; “Coke vs. Pepsi”
Down
- 1. Price the point (X) where supply and demand meet
- 2. Combining resources to make goods or services
- 3. of Supply Producers make more when the price is high and make less when the price is low.
- 5. Desire of buyers to purchase a product at given price
- 6. Making a selection from a set of possible alternatives
- 7. Economy Economy where businesses, individuals, and government share the decisions and resources
- 8. Lack of resources to satisfy all wants and needs
- 9. Economy Economy where the government makes all decisions and owns all resources; Communism
- 12. Amount of money exchanged for a product; determined by supply and demand
- 14. Number of items a producer has available to sell at given price
- 16. & Services The result (product) of using resources during production (Items and Activities)
- 17. Sovereignty Power of the buyer (consumer) to determine what goods and services will be produced and consumed
- 21. Money used during production to purchase resources and equipment