Type
Crossword
Description

What's the study of how individuals, families, buisness, and societies use limited resouses to fulfill their unlimited wants? Economics
What means that people do not have and cannot have enough income, time, and other resources to satisfy their every want? Scarcity
What are resources needed to produce goods and services Factors of production
What refers to natural resources present without human intervention? Land
What is known as a human resources? Labor
What are tangible items that people buy? Goods
What are activities done for others for a fee? Services
What are the manufactured goods used to make other goods and services? Capital
What is the ability to produce greater quantities of goods and services in better and faster ways? Productivity
What is the ability of risk taking individuals to develop new products and start new businesses in order to make profits? Entrepreneurship
What is the advance in knowledge leading to new and improved goods and services and better ways of producing them? Technology
What is sacrificing one good or service to purchase or produced another? Trade off
What's the value of the next best alternative given up for the alternative that was chosen? Opportunity cost
What's the branch of economic theory that deals with behavior and decision making by small units Microeconomics
What the branch of economic theory and dealing with the economy as a whole and decision making as a whole? Macroeconomics
What's the production and distribution of goods and services in a society? Economy
What's an assumption involving two or more variables that must be tested for validity? Hypothesis
What is a graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time? Production curve

Economic Terms Crossword

Type
Crossword
Description

The way a society organizes to produce, distribute, and consume goods and services. Economic System
Tradition determines how a society is organized to produce, distribute, and consume goods/services. Traditional
Individuals make most of the major decisions about production and distribution of goods and services Market
A central authority makes most of the major decisions about production and distribution of goods and services Command
Economic decisions are made by individuals, businesses, and government. Mixed
The worth of a good or service that is determined by the total cost of economic resources that went in to producing and providing a good or service. Value and Price
The amount of a resource, good, or service sellers are willing to sell at possible prices. Supply
How much people want of a good or service at a certain price at a certain time. Demand
People have desires that can be satisfied with goods or services Economic Wants
Human, natural, and capital resources used to produce a good or service. Economic Resources
Wants are unlimited and resources are limited. Scarcity
Goods and services are produced in better quality, quantity, and speed when someones focuses on one particular task. Specialization
People, businesses, and nations depend on others to produce their goods. Interdependence
Any place that allows buyers and sellers to trade goods and services Marketplace
Something that is used to buy and sell goods or services. Currency

Economic vocab Crossword

Type
Crossword
Description

Limited quantities of resources to meet unlimited wants. Scarcity
Resources that are used to make ALL goods and services. Productive resources
Food, air, and shelter and attention we desire. Wants & needs
The most desirable alternative given up as the result of a decision. Opportunity cost
An alternative we sacrifice when we make a decision. Trade-off
Natural resources that are used to make goods Land
The effort that a person devotes to a task for which that person is paid. Labor
Any human-made resource that is used to produce other goods and services. Capital
The process of designing, launching, and running a new business. Entrepreneurship
use an economy's resources. Possibilities curve
choices decision making
Satisfaction or utility that a person receives from consuming an additional unit of a good or service. Marginal benefit
The cost of producing one more unit of a good. Marginal costs
The concentration of the productive efforts of individuals and firms on a limited number of activities. Specialize
elimination of government power in a particular industry, usually enacted to create more competition within the industry. Deregulation
the state or quality of producing something, especially crops. Productivity
Situation in which allocation of goods and service is not efficient Market failure
theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned. Property rights
service that is provided without profit to all members of a society, either by the government or a private individual or organization Public goods
product that must be purchased to be consumed, and its consumption by one individual prevents another individual from consuming it. Private goods
Where the government, rather than the free market, determines what goods should be produced Command system
economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism. Mixed system

fundamentals of economics Crossword

Type
Crossword
Description

a steady long term increase in real GDP economic growth
the loss of potential gain from other alternatives when one alternative is chosen opportunity cost
goods used to produce more goods capital goods
a person who uses a good or service consumers
another name for a centrally planned govt. comand economy
there is no such thing as a free lunch TINSTAAFL
give up one benefit to gain another trade-off
the rivalry among sellers trying to achieve such goals as increasing profits competition
a general increase in prices across an economy inflation
a risk-taker in search of profits entrepreneur
a income that does not increase even when prices go up fixed income
study of how people satisfy unlimited wants through careful use of realtive scarce resource economics
physical objects that somone produces goods
the power of consumers to decide what gets producded consumer sovereignty
a financial gain profit
economic system that relies on habit traditional economy
any government system that provides monetary assistance to people with an inadequate or no income. social security
gross domestic product GDP
how much it is worth in money value
the accumulation of products that are tangible, scarce, useful, and transferable from one person to another wealth
mental/physical work or production labor
shortage scarcity
an economy in which prices and wages are determined mainly by supply and demand market economy

Economic Unit 1 Crossword

Type
Crossword
Description

when something is both desirable and limited scarcity
Studies the behavior of individuals within economy microeconomics
Decides what is brought and sold based on what is trending Consumer
A certain amount of product out of a given input output
When an individual/ country can produce at a lower opportunity cost than another comparative advantage
A certain amount of input to get a given product input
When an individual/ country can produce more than another using the same amount of resources absolute advantage
least costly production techniques are used to produce wanted goods and services productive efficiency
Illustrates the possible combinations of goods and services that can be produced by a single nation, firms, etc. ppf
The evaluation of an economy to determine if the system is meeting most if not all of our needs economic performance
Made so that the marginal benefit is greater than the marginal cost Rational decision
When firms buy productive resources from household resource markets
Moving from a command economy to a free/ mixed economy tradition
Both command and market; governments makes decision mixed economy
Individual producers and consumers determine what and how things are made market

Economics Chapter 1 and 2 Crossword Puzzle

Type
Crossword
Description

Decisions by an individual about what to do and what not to do Individual Choice
Anything that can be used to produce something else Resource
What you have to give up in order to get what you want Opportunity Cost
When you compare the costs with the benefits of doing something Trade Off
Decisions based on the additional benefit versus the additional cost Marginal Decisions
An economic situation when no individual would be better off doing something different Equilibrium
When everyone gets his or her fair share Equity
If the opportunity cost of producing the good is lower for that individual than for other people Comparative Advantage
When an individual can do an activity better than other people Absolute Advantage
A form of trade when people directly exchange goods or services that they have for goods or services that they want Barter

Economy vocabulary Crossword

Type
Crossword
Description

The value of something that is given up by choosing one alternative over another opportunity cost
Doing a trade in which the parties involved anticipate that the benefits will outweigh the cost Voluntary trade
The alternative is someone gives up when making an economic choice Trade off
A situation that exists when there are not enough resources to meet human wants Scarcity
All the human time effort and talent used to produce goods and services Labor
All the resources people may can use to produce and distribute goods and services Capital
The study of how individuals and society satisfy their unlimited wants and limited resources Economics
Of the combination of vision skill ingenuity and willingness to take risks that is needed to create and run a new business Entrepreneurship
All the natural resources on or under the ground that are used to produce goods and services Land
Desires that can't be satisfied by consuming a good or service Wants
A benefit offered to encourage people to act in a certain way Incentives
The benefit gained from using one more unit of a good or service Marginal benefit
Decisions made by one party that have intended and unintended consequences on other parties Interdependency
A person who makes goods or provides services Producer
A person who buys goods or services for personal use Consumer
The amount of output produced from a set amount of inputs Productivity
The additional cost of producing or using one more unit of a good or service Marginal cost
Things such as food water clothing shelter that are necessary for survival Needs

Economics Chapter 2 Vocabulary Part 1 Crossword

Type
Crossword
Description

occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive specialization
the worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output law of comparative advantage
the ability to make something using fewer resources than other producers require absolute advantage
the laws, customs, manners, conventions, and other institutional underpinnings that encourage people to pursue productive activity rules of the game
an expansion of the economy's production possibilities, or ability to produce economic growth
each additional increment of one good requires the economy to give up successively larger increments of the other good law of increasing opportunity cost
producing the maximum possible output from available resources, meaning the economy cannot produce more of one good without producing less of the other good efficiency
an economic system shaped largely by custom or religion production possibilities frontier- shows the possible combinations of two types of goods that can be produced when available resources are employed efficiently traditional economy
an economic system in the process of shifting from central planning to competitive markets transitional economy
describes the U.S. economic system, where markets play a relatively large role market economy
an economic system that mixes central planning with competitive markets mixed economy
an economic system in which all resources are government-owned and all production is directed by the central plans of government pure command economy
an economic system with no government so that private firms account for all production pure market economy
the set of mechanisms and institutions that resolves the what, how, and for whom questions for an economy economic system
the doctrine that states that government generally should not intervene in the marketplace "let them do as they please" laissez faire
property owned by individuals or companies, not by the government or the people as a whole private property
an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market free enterprise
to sell state-run firms to idividuals privatize
large farm leased from the state to groups of peasant farmers collective
requiring strict obedience to an authority, such as a dictator authoritarian
a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government communism
a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society socialism
the powers of the consumers to decide what gets produced consumer sovereignty
term economists use to describe the self-regulating nature of the marketplace invisible hand
the struggle among producers for the dollars of consumers competition
an expectation that encourages people to behave in a certain way incentive

Economics Chapter 1 Crossword

Type
Crossword
Description

condition that results from not having enough resources to produce all the things we would like to have scarcity
The study of how people try to satisfy seemingly unlimited and competing needs and wants. economics
a basic requirement for survival need
something we would like to have want
tangible economic product good
work performed for someone service
land, labor, capital, and entrepreneurs factors of production
the value of the next best alternative given up opportunity cost
consumer rights were part of the a movement called consumerism
sum of people's skills, abilities,health, and motiviation human capital
learning a task very well specialization
where all of the factors of production are bought and sold factor market
market in which goods and services are bought and sold product market

Chapter 1 Vocabulary Crossword

Type
Crossword
Description

The condition that results from society not having enough resources to produce all the things people would like to have Scarcity
The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources Economics
A way of expressing a need -i.e, Need: Food; Want: Pizza Want
Resources required to produce the things we would like to have; land, capital, labor, and entrepreneurs Factors of production
"gifts of nature"; natural resources not created by humans -i.e, deserts, fertile fields, forests, mineral deposits, livestock, sunshine Land
People with all their efforts, abilities, and skills Labor
The ability to produce greater quantities of goods and services in better and faster ways Productivity
Tangible items that people buy, shampoo, ect Goods
Manufactured goods used to make other goods and services Capital
Activities done for others for a fee Services
A measure of the amount of output produced by a given amount of inputs in a specific period of time Productivity
When someone starts a new businesses or improves an old one Entrepreneurship
The use of science to create new products or make old ones better Technology
Echanging one thing for another Trade-off
Value of the next bug alternative that had to be given up to do the action that was chosen Opportunity cost
Max combos of goods and services that can be produced fro, a fixed amount of resources in a given period of time Production curve
Branch of economic theory that deals with behavior and decision making by small units Microeconomics
Branch of economic theory dealing with the economy as a whole and decision making by large units such as governments Macroeconomics
The theories that economists use in their work Economic models
Educated guess or prediction Hypothesis

Economics crossword ch 1

Type
Crossword
Description

item that is desirable but not necessary for survival want
activities one person performs for another services
The human time, effort, and talent, that go into the making of products labor
alternative sacrificed because of an economic decision cost
kind of capital involving human-made goods physical
kind of capital involving skills and knowledge gained by a worker human
an alternative sacrificed when making a decision tradeoff
use of resources that maximizes the output of products efficiency
Land, labor, and capital; the three groups of resources that are used to make all goods and services factorsof production
limited resources for meeting unlimited wants and desires scarcity
using fewer resources than an economy is capable of using underutilization
All human-made goods that are used to produce other goods and service; tools and buildings physical capital
most desirable option given up in a decision opportunity cost
unavailability of a good or service in a given situation shortage
Deciding whether to do or use one additional unit of some resource thinking at the margin
The skills and knowledge gained by a worker through education and experience human capital
study of how people make choices to gain necessities and desires economics
something necessary for survival need
All natural resources found on or under the ground that are used to produce good and services land
Is all the resources made and used by people to produce and distribute goods and services capital