Economy Vocab #1 Crossword
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
 
 
Down: 1) A multi-step process for making choices between alternatives. The process of rational decision-making favors logic, objectivity, and analysis over subjectivity and insight.2) To assign.3) A way of thinking that compares the cost of an action to its benefits.4) Economic products that are paid for and consumed collectively; such as highways, national defense, police, and fire protection.5) Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs.10) People with all their abilities and efforts; one of four factors of production, does not include the entrepreneur.11) 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.13) Tools, equipment, and factories used in the production of goods and services; one of the four factors of production.15) Achieving maximum productivity with minimum wasted effort or expense.16) The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.19) A sum of cash acquired by a company to pursue its objectives, such as continuing or growing operations.21) The maximum amount a consumer will pay for an additional good or service.24) 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. Across: 3) A wealthy person who uses money to invest in trade and industry for profit in accordance with the principles of capitalism.6) Division of work into a number of separate tasks to be performed by different workers; same as specialization.7) A rule or directive made and maintained by an authority.8)  A market structure characterized by a single producer; a form of imperfect competition.9) The sum of people's skills; abilities, health, and motivation.11) The extra cost of producing one additional unit of production.12) Natural resources or "gifts of nature" are not created by human effort; one of the four factors of production14) Is not shared with anybody else, but can be sold along with transferring rights to use or consume it.17) Amount of a product offered for sale at all possible prices.18) Diagram representing the maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed.20) The economic system characterized by a central authority that makes most of the major economic decisions.22) A risk-taking individual in search of profits is one of the four factors of production.23) The philosophy that government should not interfere with business activity.25) One that buys goods, or services for consumption and not for resale or commercial purposes.26) Assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently.27) Combination of desire, ability, and willingness to buy a product.28) Act of buyers and sellers freely and willingly engaging in market transactions; characteristics of capitalism and free enterprise.29) The fundamental economic problem facing all societies results from a combination of scarce resources and people's virtually unlimited wants.30) Any available means for economic or political development.31) An alternative that must be given up when one choice is made rather than another.32) Relaxation or removal of government regulations on business activities.33) Tangible man-made objects that a company buys or invests in and uses to produce goods.34) A written or spoken agreement, especially one concerning employment, sales, or tenancy, is intended to be enforceable by law.
 

 

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