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Vocabulary
18
Capital Resources : goods and money used in the production of goods and services.
Command Economy : economics system in which the government owns resources and dictates what is produced.
Competitors : Businesses that offer the same goods to the same customers.
Consumer : buys and uses the goods and services.
Economic Decision Making : process of choosing which goods and services are produced.
Economic Resources : means from which goods and services are produced.
Economics : study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants.
Entrepreneurial Resources : The initiative to combine natural, human, and capital resources
Free Enterprise : Economic system which freedom to consume and produce goods and services exists.
Freedom of Choice : opportunity to make choices of goods and services and accept consequences of decisions.
Goods : items purchased to satisfy needs and wants.
Human Resources : People using efforts, knowledge, and skills at work to produce goods and services.
Market Economy : Goods and services are owned and controlled by the people.
Market Price : the point where supply and demand are equal.
Marketplace : Anywhere goods and services exchange hands.
Mixed Economy : Combines elements of the command and market economy.
Natural Resources : Raw materials supplied by nature.
Needs : necessities required for living.
Opportunity Cost : value of the next best alternative that is forgone to produce or obtain another product.
Private Property : right to purchase, use, and discard of things of value.
Vocabulary
Across:2. | opportunity to make choices of goods and services and accept consequences of decisions. | 4. | Combines elements of the command and market economy. | 5. | People using efforts, knowledge, and skills at work to produce goods and services. | 8. | goods and money used in the production of goods and services. | 9. | Anywhere goods and services exchange hands. | 11. | Goods and services are owned and controlled by the people. | 13. | right to purchase, use, and discard of things of value. | 15. | items purchased to satisfy needs and wants. | 17. | Raw materials supplied by nature. | 18. | Economic system which freedom to consume and produce goods and services exists. |
| | Down:1. | Businesses that offer the same goods to the same customers. | 3. | study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants. | 6. | necessities required for living. | 7. | value of the next best alternative that is forgone to produce or obtain another product. | 10. | means from which goods and services are produced. | 12. | economics system in which the government owns resources and dictates what is produced. | 14. | the point where supply and demand are equal. | 16. | buys and uses the goods and services. |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Vocabulary
Across:2. | opportunity to make choices of goods and services and accept consequences of decisions. | 4. | Combines elements of the command and market economy. | 5. | People using efforts, knowledge, and skills at work to produce goods and services. | 8. | goods and money used in the production of goods and services. | 9. | Anywhere goods and services exchange hands. | 11. | Goods and services are owned and controlled by the people. | 13. | right to purchase, use, and discard of things of value. | 15. | items purchased to satisfy needs and wants. | 17. | Raw materials supplied by nature. | 18. | Economic system which freedom to consume and produce goods and services exists. |
| | Down:1. | Businesses that offer the same goods to the same customers. | 3. | study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants. | 6. | necessities required for living. | 7. | value of the next best alternative that is forgone to produce or obtain another product. | 10. | means from which goods and services are produced. | 12. | economics system in which the government owns resources and dictates what is produced. | 14. | the point where supply and demand are equal. | 16. | buys and uses the goods and services. |
| |
© 2013
PuzzleFast.com, Noncommercial Use Only