ECONOMICS Crossword

Came from the greek word "oikonomia" that means management of household transactions
The father of economics
Refers to the study of small unit of society
The science of good and sound reasoning or logical reasoning
The tool use in emperical validation
Also known as paucity, occurs when there are limited resources to fulfill unlimited wants and needs
Considered as the natural resources
The exertions of human energy in order to produce or in laymans term to work
Anything that is manmade like machineries and equipment that are used in the production of other product
Is a person who combines the other economic resources for use in the production of goods and services
The Government owns the means of production
One of the 3 basic economic activities
Means fairness. It is implied in more equal distribution of income and wealth in alleriating poverty
An increase in total output of an economy
A condition in which national output is growing steadily with low inflation and full employment of resources
Kind of goods which are useful but abundant
They give prestige and adds status symbol. one can live even without it
Refers to the willingness of the people to buy or purchase the good regardless whether it is a need or a want over a period of time out a given price
One of the factors that influenced demand
One of the factors that influence the supply
The point where the sellers and the consumers agree to pay tthe price of commodity
Shows the combination of two products that a consumer can afford to by with a given incocme using all of their available budget
Also equivalent to the slope of the total revenue
Few sellers are the characteristic of this market model
Total revenue - Total cost =