Microeconomics Crossword

Who is considered the founder of economics and author of the book, An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776?
What index measures the cost of living?
What is another term for the face value of money?
What is the name of the organization that reports inflation and unemployment data?
To be officially counted in this group a person must be 16 years of age or older, not currently working, and actively seeking work during the previous four weeks.
Refers to the fact that human wants and needs exceed the limited resources available.
The study of how people allocate their limited resources to satisfy their unlimited wants
The highest-valued or best foregone alternative that must be sacrificed in order to get something else.
An economy that allocates goods and services through the private decisions of consumers, input suppliers, and firms.
A situation in which the quantity supplied exceeds the quantity demanded.
When the quantity demanded equals the quantity supplied.
The higher the price of the good, the greater the quantity supplied and the lower the price of the good, the smaller the quantity supplied
People who have given up looking for a job and are not counted as unemployed.
Evaluating whether the benefit of one additional unit of something is greater than its cost.
A metaphor for the self-regulaing nature of the marketplace in which individuals pursue their personal interests and although they are guided by self-interest, this motivation increases social welfare and general economic well-being.
A rise in the overall price level, which decreases the purchasing power of money.
An economy in which the government uses central planning to coordinate most economic activities.
The market value of all final goods and services produced in a nation within a specific of time.
An individual who is lured by the possibility of making a profit and takes on the associated risk of starting a business.
Durable goods, non-durable goods, and service make up the 3 categories of _____________.
When the price of a good or service falls, the quantity demanded increases, and conversely, when the price of a good or service rises, the quantity demanded decreases.
A situation where quantity demanded exceeds quantity supplied.
A decrease in the overall price level, which decreases the purchasing power of money.
Employed + Unemployed
The potential total output combinations of any two goods for an economy illustrating the economy's potential for allocating its limited resources in producing various combinations of goods in a given time period.
The study of household and firm behavior and how they interact in the marketplace. This branch of economics deals with the smaller units within the economy studying the decision-making behavior of households and firms and how the interact in the marketplace.
A product used to produce a final good or finished product (hint: sometimes referred to as a consumer good).
Goods which can be used in place of another good, such as butter and margarine.
Goods that are usually used and purchased simultaneously, such as milk and cookies.
When one company is the sole supplier of a particular good or service and has no competition.
A point on a single demand curve, which corresponds to a specific price.
A good that decreases in demand as consumer income rises.