Economy Vocab #1 Crossword
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
 
 
Down: 1) The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.2) A multi-step process for making choices between alternatives. The process of rational decision-making favors logic, objectivity, and analysis over subjectivity and insight.4) The fundamental economic problem facing all societies results from a combination of scarce resources and people's virtually unlimited wants.5) A written or spoken agreement, especially one concerning employment, sales, or tenancy, is intended to be enforceable by law.6) Any available means for economic or political development.7) Relaxation or removal of government regulations on business activities.12) The measure of the amount of output produced with a given amount of productive factors; normally refers to labor, but can apply to all factors of production.15)  A market structure characterized by a single producer; a form of imperfect competition.16) Division of work into a number of separate tasks to be performed by different workers; same as specialization.18) Achieving maximum productivity with minimum wasted effort or expense.20) To assign.21) Economic products that are paid for and consumed collectively; such as highways, national defense, police, and fire protection.22) An alternative that must be given up when one choice is made rather than another.23) Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs.25) The philosophy that government should not interfere with business activity.27) Natural resources or "gifts of nature" are not created by human effort; one of the four factors of production28) Tools, equipment, and factories used in the production of goods and services; one of the four factors of production. Across: 3) Tangible man-made objects that a company buys or invests in and uses to produce goods.8) Diagram representing the maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed.9) A risk-taking individual in search of profits is one of the four factors of production.10) The maximum amount a consumer will pay for an additional good or service.11) Assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently.13) A sum of cash acquired by a company to pursue its objectives, such as continuing or growing operations.14) The sum of people's skills; abilities, health, and motivation.17) A way of thinking that compares the cost of an action to its benefits.19) People with all their abilities and efforts; one of four factors of production, does not include the entrepreneur.21) Is not shared with anybody else, but can be sold along with transferring rights to use or consume it.24) Amount of a product offered for sale at all possible prices.26) The economic system characterized by a central authority that makes most of the major economic decisions.29) A wealthy person who uses money to invest in trade and industry for profit in accordance with the principles of capitalism.30) The extra cost of producing one additional unit of production.31) A rule or directive made and maintained by an authority.32) Act of buyers and sellers freely and willingly engaging in market transactions; characteristics of capitalism and free enterprise.33) Combination of desire, ability, and willingness to buy a product.34) An economic system in which supply, demand, and the price system help people make decisions and allocate resources; is the same as a free enterprise economy.35) One that buys goods, or services for consumption and not for resale or commercial purposes.
 

 

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