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Economics
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economics:choices
scarcity:imbalance between relatively unlimited wants and relatively limited resources available
resources:all of the materials and labor that go into making products
goods:tangible product
services:intangible (transaction)
opportunity costs:forgone benefit of the next best alternative when scarce resources are used for one purpose rather than another
trade offs:involve accepting or choosing less of one thing to get more of something else
productivity:amount of output produced
economic systems:ways in which people organize economic life to deal with the basic economic problems or scarcity and opportunity cost
economic institutions:include households and families and formal organizations such as corporations and government agencies
exchange:indicates the transactions in which producers trade their surpluses
money:serves as a medium of exchange
interdependence:decisions or events in one part of the world or in one sector of the economy affect decisions in other parts of the world or sector of the economy
social science:dealing with a particular phase or aspect of human society
land:the very ground we walk on
labor:work;physical or mental, that is needed to make something
capital:money or machinery or other productive resource used to produce goods and services in the future
input:scarce productive resources
output:result of productively combining land, labor, and capital
traditional:system in which economic decisions are based on systems,beliefs, and ways of doing things that have been handed down
command:system in which the government controls the factors of production and makes decisions about their use
market:system in which individuals own factors of production and make economic decisions through free interactions while looking out for their own best interests
mixed:system combining characteristics of more than one type of economy with others so that the mix varies and the economic system created leans more toward one type
capitalism:economic system in which individuals own the factors of productions and decide how to use them within limits of the law
economic growth:expansion of the economy to produce more goods, jobs, and wealth
profit:money left after all the costs of production-wages, rent, interest, and taxes have been paid
competition:rivalry among producers
entrepreneurship:an economic institution
nonprofit organization:economic institution that offers a variety of goods and services to the general community(profits are returned to the organization itself)
microeconomics:how individuals and families behave in the market system
macroeconomics:how national and global people behave in the market system
Economics
Across:2. | ways in which people organize economic life to deal with the basic economic problems or scarcity and opportunity cost | 4. | system in which the government controls the factors of production and makes decisions about their use | 6. | decisions or events in one part of the world or in one sector of the economy affect decisions in other parts of the world or sector of the economy | 9. | the very ground we walk on | 12. | rivalry among producers | 15. | system in which individuals own factors of production and make economic decisions through free interactions while looking out for their own best interests | 16. | work;physical or mental, that is needed to make something | 17. | imbalance between relatively unlimited wants and relatively limited resources available | 20. | system combining characteristics of more than one type of economy with others so that the mix varies and the economic system created leans more toward one type | 23. | amount of output produced | 24. | expansion of the economy to produce more goods, jobs, and wealth | 25. | dealing with a particular phase or aspect of human society | 26. | how individuals and families behave in the market system |
| | Down:1. | tangible product | 3. | economic institution that offers a variety of goods and services to the general community(profits are returned to the organization itself) | 5. | scarce productive resources | 7. | choices | 8. | economic system in which individuals own the factors of productions and decide how to use them within limits of the law | 10. | intangible (transaction) | 11. | serves as a medium of exchange | 13. | result of productively combining land, labor, and capital | 14. | money left after all the costs of production-wages, rent, interest, and taxes have been paid | 18. | all of the materials and labor that go into making products | 19. | involve accepting or choosing less of one thing to get more of something else | 21. | indicates the transactions in which producers trade their surpluses | 22. | money or machinery or other productive resource used to produce goods and services in the future |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Economics
Across:2. | ways in which people organize economic life to deal with the basic economic problems or scarcity and opportunity cost | 4. | system in which the government controls the factors of production and makes decisions about their use | 6. | decisions or events in one part of the world or in one sector of the economy affect decisions in other parts of the world or sector of the economy | 9. | the very ground we walk on | 12. | rivalry among producers | 15. | system in which individuals own factors of production and make economic decisions through free interactions while looking out for their own best interests | 16. | work;physical or mental, that is needed to make something | 17. | imbalance between relatively unlimited wants and relatively limited resources available | 20. | system combining characteristics of more than one type of economy with others so that the mix varies and the economic system created leans more toward one type | 23. | amount of output produced | 24. | expansion of the economy to produce more goods, jobs, and wealth | 25. | dealing with a particular phase or aspect of human society | 26. | how individuals and families behave in the market system |
| | Down:1. | tangible product | 3. | economic institution that offers a variety of goods and services to the general community(profits are returned to the organization itself) | 5. | scarce productive resources | 7. | choices | 8. | economic system in which individuals own the factors of productions and decide how to use them within limits of the law | 10. | intangible (transaction) | 11. | serves as a medium of exchange | 13. | result of productively combining land, labor, and capital | 14. | money left after all the costs of production-wages, rent, interest, and taxes have been paid | 18. | all of the materials and labor that go into making products | 19. | involve accepting or choosing less of one thing to get more of something else | 21. | indicates the transactions in which producers trade their surpluses | 22. | money or machinery or other productive resource used to produce goods and services in the future |
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© 2013
PuzzleFast.com, Noncommercial Use Only