Type
Crossword
Description

This crossword contains the following questions and answers:

one's own personal gain self-interest
the market in which households purchase the goods and services that firms produce product market
the financial gain made in a transaction profit
market in which firms purchase the factors of production from households factor market
a person or group of people living in the same residence household
the concentration of the productive efforts of individuals and firms on a limited number of activities specialization
level of economic prosperity standard of living
government programs that protect people experiencing unfavorable economic conditions safety net
the income people receive for supplying factors of production, such as land, labor or capital factor payments
mixed economy, leans towards free market side. Canada's economy
mixed economy, leans towards the centrally planned side China's economy
(1723-1790) Scottish philosopher. "wealth of nations" advocated the idea of laissez faire; or government not involving themselves in the economy. Adam Smith

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Economics Chapter 2 Vocabulary Part 1 Crossword

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Description

This crossword contains the following questions and answers:

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

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Microeconomics Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

A diagram used to represent the monetary transactions in an economy. Circular Flow Diagram
The market place in which final goods or services are offered for purchase by consumers, businesses and public sector. Product market
A type of business entity that's owned and run by one person. Sole proprietorship
A type of business owned or run by two owners. Partnership
A financial gain. Profit
A company or group of people authorized to act as single entity. Corporation
A state of limited competition, in which a market is shared by a small number of producers. Oligopoly
Only one market gives services Monopoly
A type of market that sells similar products. Monopolistic Competition
The part of economics concerned with single factors and the effects of individual decisions. Microeconomics
A market where a business can go and purchase resources to produce goods and services Resource Market
Buyers will exchange with sellers when they want to purchase goods or services from sellers. Medium of exchange
All else equal, an increase n price results in an increase in quantity supplied Law of Supply
All other factors being equal, as the price of a good or service increase Law of Demand
Price of good or service of which quantity supplied is equal to quantity demand Market clearing price
A measure used in economics to show the responsiveness of the quantity demanded of a good or service to change in its price Price elasticity of demand
A measure used in economics to show the responsiveness or elasticity of the quantity supplied of a good or service to a change in price. Price elasticity of Supply
A market that has a broad range of cometitors who are selling identical products Pure Competition
Something that motivates or encourages someone to do something Incentive
An excess of production Surplus

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Economics Chapter 7 Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry market structure
a theoretical market structure that requires three conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit pure competition
group of firms producing similar or identical products industry
theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit perfect competition
market structure having all conditions of pure competition except for identical products; a form of imperfect competition monopolistic competition
real or imagined differences between competing products in the same industry product differentiation
competition based on a product's appearance, quality, or design, rather than it's price nonprice competition
market structure in which a few large sellers dominate and have the ability to affect prices in the industry; form of imperfect competition oligopoly
illegal agreement among producers to fix prices, limit output, or divide markets collusion
illegal agreement by firms to charge a uniform price for a product price fixing
market structure characterized by a single producer; form of imperfect competition monopoly
philosophy that government should not interfere with business activity laissez-faire
market structure in which average costs of production are lowest when all output is produced by a single firm natural monopoly
market structure in which a firm has a monopoly because of its location or the small size of the market geographic monopoly
market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage technological monopoly
monopoly created and/or owned by the government government monopoly
condition where any of the requirements for a competitive market leads to an inefficient allocation of resources characterized by too much or too little being produced market failure
economic products that are paid for and consumed collectively; such as highways, national defense, police public good
uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it spillover effect
uncompensated side effects that affect an uninvolved third party externalities
calculation that compares the cost of an action to its benefits cost-benefit analysis
illegal combination of corporations or companies organized to suppress competition trusts
practice of charging different customers different prices for the same product price discrimination
ruling requiring a company to stop an unfair business practice that reduces or limits competion cease and desist order
increasingly efficient use of personnel, plant, and equipment as a firm becomes larger economies of scale

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Chapter 2 Economic Systems Word Search

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Word Search
Description

This word search contains the following answers:

laissez faire
market system
mixed system
traditional system
competition
profit motive
profit
private property
private enterprise
business
voluntary exchange
free
private enterprise system
capitalism
marketplace
market economy
planned economy
directed economy
custom based
economic system

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fundamentals of economics Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

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

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Economic vocab Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

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

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Economic Unit 1 Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

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

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Economics Chapter 1 Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

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

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Marketing Mix Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

A promotional method that involves the creation of an identity for the business that distinguishes that firm and its products from other firms Branding
Creating a feature or characteristic within a brand that makes it stand out USP
when a percentage mark up is added to the cost of producing a good or service to calculate the selling price Costplus
involves setting a high initial price for a new product in order to recoup costs Priceskimming
involves setting a low initial price for a new product in order to get a foothold in the market and gain market share Pricepenetration
prices are set low for a short period of time to force competitors out of the market predatorypricing
based on the prices charged by competitors, maybe the same or slightly lower, firms will try to compete on other aspects of the marketing mix competitivepricing
occurs when a firm sets a price for the product in order to entice the customer into making a purchase by making it sound cheaper than it actually is psychologicalpricing
the part of the desgn mix other than cost and function aesthetics
the combination of promotional activities that a firm uses in order to create and general sales Promotional mix

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Economics Vocabulary Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

An example of the means of production in an economy factory
In this type of economy, the government owns the factories socialism
Adam Smith used this phrase to describe competition in the marketplace invisiblehand
In this type of government, power is passed down through families monarchy
In this economic system, the government does not get involved in the economy capitalism
In socialist economies, wealth is divided ______________________. equally
Voting is an important element of this type of government democracy
a time of big changes revolution
the way something is made to happen; resources means
one of the two countries that engaged in the Cold War Russia
Democracy is the ______________________ system in the U.S. political
In a capitalist society, the means of production are ______________________ owned. privately
Earning money for work is known as wage ___________________. labor
Capitalism is based on a free __________________. market
things people by and sell goods
Under communism, there is no private ___________________. property
capital money
new or recent modern
people living together in an organized community society
a large land mass continent
France and Spain are on this continent Europe
Washington, D.C. is closest to this ocean Atlantic
Japan and Hawaii are islands in this ocean Pacific

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