Type
Crossword
Description

This crossword contains the following questions and answers:

this is a market structure where one firm supplies all output in the market without facing competition because of high barriers to entry to the market Monopoly
this is profit that is made over and above the normal profit Abnormal profit
this can be known as organisational slack and this inefficiency arising because a firm or other productive organisation fails to minimise its average costs of production at a given level of output X inefficiency
where economies of scale are so large relative to market demand that the dominant producer in the industry will always enjoy lower costs of production than any other potential competitor Natural Monopoly
where resources are inefficiently allocated due to imperfections in the working of the market mechanism Market failure
the minimum level of profit needed to keep a firm using its resources in a market in the long term Normal Profit
exists when firms are able to control the price they charge for their product in a market Monopoly power
a firm that controls all the output in a market Monopolist
- occurs when resources are allocated efficiently over time Dynamic efficiency
occurs when scarce resources are used to produced a bundle of goods which satisfies consumer preferences and maximises their welfare Allocative efficiency
achieved when production is achieved at lowest average cost Productive efficiency
occurs when the difference between total revenue and total cost is at its greatest Profit Maximisation
occurs when the volume of sales is greatest, when the objective of a firm, this is usually subject to profit satisficing constraint Sales Maximisation
occurs when total revenue is highest and when marginal revenue equals zero. Revenue Maximisation

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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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Accounting Terms: Back to Basics Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

describes the sources and uses of cash for a reporting period Statement of cash flows
charge for using money until repaid at a future date Interest
security that represents ownership in a corporation; holders exercise control by electing a board of directors and voting on corporate policy Common stock
amount by which a company's value exceeds the value of its individual assets and liabilities Goodwill
class of ownership in a corporation that has a higher claim on its assets and earnings than common stock Preferred stock
net sales minus cost of goods sold Gross profit
record within an accounting system where increases and decreases in a specific asset, liability, equity, revenue, or expense are entered and stored Account
process of allocating the cost of an intangible asset to expense over its estimated useful life Amortization
an entry that increases asset and expense accounts, and decreases liability, equity ad revenue accounts Debit
income statement, balance sheet, statement of changes in owner’s equity, and statement of cash flows Financial statements
customers and other individuals and organizations who owe a company Debtors
journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expense or revenue account Adjusting entry
total cost of an asset less its accumulated depreciation Book value
an asset created by selling products or services on credit Accounts receivable
method to assign cost to inventory that assumes items are sold in the order acquired FIFO
entity created by law and separate from its owners Corporation
inflows of assets in exchange for products and services provided to customers as part of a company’s operations Revenues
length of time an asset will be productively used in the operations of a business Useful life
occurs when expenses exceed revenues Net loss
merchandise a company owns and expects to sell in its normal operations Inventory
estimate of amount to be recovered at the end of an asset's useful life Salvage value
expense created by allocating the cost of plant and equipment to periods in which they are used; represents the expense of using an asset Depreciation
resources owned or controlled by a company that provide expected future benefits to the company Assets
a liability created by buying products or services on credit Account payable
obligations due to be paid or settled within the longer of one year of the operating cycle Current liabilities
equals a corporation’s accumulated net income (loss) for all prior periods that has not been distributed to shareholders Retained earnings

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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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Supply and Demand Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

The amount of goods available. Supply
When producers offer more of a good as its price increases. law of supply
The amount that a supplier is willing and able to supply at a specific price. Quantity supplied
A cost that rices or falls depending on the quantity produced. Variable cost
A cost that does not change. fixed cost
A tax on the production or sale of a good. Excise tax
The sum of fixed costs plus variable costs. Total cost
The cost of producing one more unit of a good. marginal cost
The total cost divided by the quantity produced. Average cost
The cost of operating a facility such as a factory or a store. Operation cost
The desire to own something and the ability to pay for it. Demand
To buy more of a good when its price is lower. law of demand
when consumers react to an increase in a goods price by consuming less. Substitution effect
The change in consumption that results when a price increases causes real income to decline. income effect
A table that lists the quantity of a good a person will buy at various prices in a market. Demand schedule
A table that lists the quantity of a good all consumers in a market will buy at various prices. market demand
a graphic representation of a demand schedule. demand curve
A good that consumers demand more when their incomes increases. normal good
A good that consumers demand less of what their incomes increase. Inferior good
The statistical characteristics of population and population segments. demographics
A measure of how consumers respond to price change. Elasticity of demand
The total amount of money a company receives by selling goods or services. total revenue

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Economics Chapter 2 Vocabulary Part 1 Crossword

Type
Crossword
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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Entrepreneurship Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

What is concerned with the Human resource of an Enterprise ? STAFFING
For effective running of an enterprise, what is essential between the employees and entrepreneur ? COMMUNICATION
Motivation through financial means is called _____ benefits ? MONETARY
What ensures maximum utilization of resources ? SUPERVISION
Controlling begins when establishing standards of what ? PERFORMANCE
What ensures effective performance and planned activities by subordinates ? DIRECTION
Production contain manufacturing, ______ activities and advisory activities ? ANCILLARY
What is continuously needed for running a firm ? FINANCE
Marketing plays an important role in _____ the successful running of a business enterprise ? PROMOTING
Who is appointed in an enterprise on the basis of their performance, skills and service ? PERSONNELS
Entrepreneur carries out the whole set of activities of the business for its _____ SUCCESS
Entrepreneur foresees a potentially _____ opportunity and tries to exploit it ? PROFITABLE
An entrepreneur is a self-confident and highly _____ person and willing to assume the risk involved in his enterprise ? OPTIMISTIC
An entrepreneur is the ____ of his business ? FINAL JUDGE
It is the ability of a good _____ to discover a suitable idea that helps to develop profitable ventures ? ENTREPRENEUR
The entrepreneur will conduct a detailed ________ about the demand for his product in the market ? ANALYSIS
After making sure that the idea is practical and profitable one, the entrepreneur will acquire some _______ , if he has invented something ? PATENT RIGHTS
The entrepreneur decides about the capital structure of the ________ ENTERPRISE
____ helps in determining the course of action to be followed to achieve various entrepreneurial objectives ? PLANNING
Staffing consist of appraisal and determination of employee's _______ ? REMUNERATION
_____ is concerned with carrying out the desired plans with the support of proper instructions ? DIRECTING
Inspiring is the process of inspiring or influencing the ______ by satisfying their needs for the fulfillment of organisational objectives WORKERS
For effective running and accomplishment of organisational goals , proper communication at all ______ is a necessary one ? LEVELS
Supervising ensures maximum utilization of _______, to the proper and timely completion of work, and to correct the workers whenever they go wrong ? RESOURCES
______ involves the process of movement of goods and services from the producer to the consumer ? MARKETING

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Factors of Production Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

The extra physical product/ output created by employing one extra unit of a factor of prodction. Marginal Physical Product
The extra Revenue created by employing one extra unit of a factor of production. Marginal Revenue Product
The return on Labour. Wages
The minimum payment that a factor of production must receive to bring the factor into employment and to keep it within this use/ employment. Supply Price
The person who organise the other three factors of production into a production unit to produce goods and services. They bear all the inherent risks. Entrepreneur
The return on Capital. Investment
Any payment to a factor of production above its Supply Price. Economic Rent
This factor of proction has no cost of production but does have a cost in use. Any payment to it is Economic Rent. Land
The return on Enterprise. Profit
If a factor of production was transferred into its next best alternative use. Transfer Earnings
The return on Land. Economic Rent
The total output divided by the number of hours. The output per worker per time period. Labour Productivity
Firms do not demand a factor of production for its own use but for its use/ contribution in the production process. Derived Demand
The Purchasing Power of wages taking into account the price changes between different time periods -inflation. Real Wages
The proportion of the population of working age who are employed or looking for employment. Participation Rate

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Chp 21 Vocab Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

Price per unit to the purchaser is also revenue per unit to the seller Average Revenue
Multiplying price by the corresponding quantity the firm can sell. Total Revenue
When a firm is pondering a change in its output, it will consider how it's total revenue will change as a result. Marginal Revenue
An output at which a firm makes a normal profit but not an economic profit. Break even Point
The solid segment of the marginal cost curve MC is the firm. short run supply curve
Our analysis of long run competitive equilibrium we assumed that the industry under discussion is this' constant cost industry
constant cost industries are a special case and most industries are this increasing cost
Requires that goods be produced in the least costly way Productive Efficiency
requires that resources be apportioned among firms and industries to yield the mix of products and services most wanted by society Allocative efficiency
difference between the minimum prices that producers are willing to accept for a product and the market price of the product producer surplus
the difference between maximum prices that consumers are willing to pay for product consumer surplus
involves only a few dwellers of a standardized or differentiated product Oligopoly

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Economic Systems Crossword

Type
Crossword
Description

This crossword contains the following questions and answers:

Way in which humans allocate scarce resourced to produce various commodities and how those commodities are distributed for societal consumption Economics
Goods and services desired but not necessary for survival Human wants
Goods and services necessary to survival Human necessities
Human skills required to start and run a business Entrepreneurship
Materials used to make goods and services Factors of Production
Amount of a product available to the market Supply
Consumer's willingness to buy a product Demand
Occurs when a product is produced in larger quantities than it is demanded Surplus
Occurs when a product is demanded in larger quantities than it is produced Shortage
Occurs when a product is demanded in the same quantity it is produced Equilibrium
Amount of goods and services the people of a country can buy Standard of Living
General increase in the cost of goods and services Inflation
General decrease in the cost of goods and services Deflation
When the government spends more on programs than it collects in taxes Budget Deficit
Total amount of money owed by the federal government National Debt
When the government collects more in taxes than it spends on programs Budget Surplus
Rise and fall of economic activity over time Business Cycle
Decline in economic activity Recession
A deep, long-term decline in economic activity Depression
Rise in business activity after a recession or depression Recovery

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