Unit 7 Vocab Crossword

wealth in the form of money or other assets, owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing
a person who purchases goods and services for personal use
branch or study of knowledge concerned with production, consumption, and transfer of wealth
activity of setting up a business or businesses, taking on financial risks in hope of profit
Sum of all human physical and mental effort used in creation of goods and services
a productive asset such as equipment, inventory, and plant, that is man-made and employed in the generation of income
economic or productive factor required to accomplish an activity or as means to undertake an enterprise and achieve desired outcome. Three most basic are land, labor and capital
to whom is your product for, what is your product, and how are you going to produce and sell your product
resources required for the generation of goods or services, generally classified into four major groups: land, labor, capital, and enterprise
benefit, profit, or value of something that must be given up to acquire or achieve something else. Every choice, action, or decision has an associated
entity that makes a good through a process involving raw materials, components, or assemblies usually on a large scale with different operation divided among different workers
where less goods at available than the demand for them, or only too little money is available to their potential buyers for making the purchase
balanced achieved between two desirable but incompatible features; a compromise
section of economy related to business and corporate organizations. Does not include individual ownership, government, and not-for-profit organizations
rivalry in which every seller tries to get what the other sellers are seeking a the same time: sales, profit and market share by offering the best practicable combination of price, quality, and service
a claim for a sum of money as due, necessary, or required
the total amount of a product( good or service) available for purchase at any specified price
open market price at which quantity of a product supplied matches the quantity demanded
simple economic model illustrating the flow of goods and services through the economy. In the model, producers are “firms” and consumers are referred as “households”. Firms supply goods and services while households consume those goods and services
economy in which market mechanisms are replaced by a centralized state authority which coordinates all economic activity through commands, directives, and regulations for the purpose of achieving broader socio-economic and political objectives
free market system in which decisions regarding resource allocation, production, and consumption, and price levels and competition, are made by collective actions of individuals or organizations seeking their own advantage.
a category of stocks and companies that relate to items purchased by individuals rather than by manufacturers and industries
the part of the economy composed of both public services and public enterprises
where productive resources (labor, natural resources, capital) are bought and sold
marketplace in which a final good or service is bought and sold.
a good with a negative cross elasticity of demand, in contrast to a substitute good
different goods that, at least partly, satisfy the same needs of the consumers and , therefore, can be used to replace one another
narrow specialization of tasks within a production process so that each worker can become a specialist in doing one thing, especially on an assembly line
measure of the efficiency of a person, machine, factory, system,etc., in converting inputs into use outputs.
agreement within a community, group or organization under which members most suited for a specific activity or task assume greater responsibility for its execution or performance