Prin of Microeconomics EXAM 1 Crossword
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
 
 
Down: 1) 1. What to produce 2. How to produce 3. For whom to produce?2) Condition of having to chose among alternative, people have unlimited wants in a world with limited resources. people have to chose their highest priority.3) Any decision you make, you are sacrificing something else.4) Set of experiences, know how, education and skills of a worker6) Statements that imply an opinion, a value or a judgement7) Economies must determine what good, service and resource it will produce with scarce resources8) All other things unchanged, everything else remains constant.10) A nation has this when it can produce more of a good.12) Studies the economy as a whole } the big picture13) Statements of fact; tautology;truism and unknown income14) Risk taking ability of people to change the status quo, invent and innovate18) Costs imposed on those who are neither consuming or producing the good, service or resource.19) Any factor that impacts the quantity produced of the good other than its price will shift while the price remains constant.20) a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.22) Pertains to the motivation and incentives to produce as well as the methods of production that will be used to produce the good service or resource23) What is being tested26) Decides on how to distribute the good, service or resources chosen to be produced.28) x.29) Studies behavior of individuals, households, firms } pieces of the puzzle31) It is NOT possible to prevent a consumer from obtaining a good or service32) Labor, Capital, Land and Entrepreneurship35) A quantity supplied that is smaller than the quantity demanded at a given price37) A set of simplifying assumptions about some aspect of the real world41) One persons consumption of the goods or services prevent another from consuming that particular unit of the good or service Across: 5) Defined as the increasing capacity of the economy to satisfy the wants of the members in society enabled by increases in productivity which lowers the inputs for a given amount of an output.9) The key to gains from trade is for a nation to produce and trade the right stuff.11) A situation in which the price is not allowed to rise above a certain level.15) Hypothesis, Variables, Assumptions, Data Collection, Analysis and Conclusions16) The study of the human choices made that allocate scarce goods, services, and resources17) The rational self-interest assumption says we do not intentionally make damagine decisions.21) A situation in which the price is not allowed to decrease below a certain level24) Direct or positive relationship between the price of the good, service or resource and the quantity supplied of the same good, service or resource25) Agricultural; metals and minerals; energy sources27) A situation in which no one in society can be made better off without making someone else worse off30) Any factor that impacts the quantity purchased of the good other than the price.33) Institutions, practices and customs of a society that allocate scarce goods, services and resources34) Benefits derived by someone who is not the consumer nor producer of the good.36) Expenditure of human energy and the use of time by humans38) A balance which is established where the Qd=Qs39) Something that can be used by anyone and they do not have to pay for it40) A graphical representation showing all possible combinations of quantities of goods and services that can be produced using the existing resources fully and efficiently.42) It is possible to prevent a consumer from obtaining the good or service43) Inverse relationship between the price of the good service or resource and the quantity demanded of the same good, service or resource44) The price of a commodity such as a good or service in terms of another, i.e. the ratio of two prices . example : 1 pizza = 20 pgs of notes
 

 

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