Prin of Microeconomics EXAM 1 Crossword
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
                                                         
 
 
Down: 2) 1. What to produce 2. How to produce 3. For whom to produce?3) A quantity supplied that is smaller than the quantity demanded at a given price4) One persons consumption of the goods or services prevent another from consuming that particular unit of the good or service5) A situation in which no one in society can be made better off without making someone else worse off6) What is being tested8) Any factor that impacts the quantity produced of the good other than its price will shift while the price remains constant.9) Economies must determine what good, service and resource it will produce with scarce resources11) The key to gains from trade is for a nation to produce and trade the right stuff.13) 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.16) Costs imposed on those who are neither consuming or producing the good, service or resource.20) Decides on how to distribute the good, service or resources chosen to be produced.24) All other things unchanged, everything else remains constant.25) Something that can be used by anyone and they do not have to pay for it26) The final stage of societal devlopment where the state is abolished and it no longer acts as an economic entity where all resources are held communally and attitudes change such that people only consume what they need, not what they want.29) The study of the human choices made that allocate scarce goods, services, and resources33) Agricultural; metals and minerals; energy sources41) Expenditure of human energy and the use of time by humans Across: 1) Direct or positive relationship between the price of the good, service or resource and the quantity supplied of the same good, service or resource4) 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 notes7) Institutions, practices and customs of a society that allocate scarce goods, services and resources10) 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 resource12) x.14) Inverse relationship between the price of the good service or resource and the quantity demanded of the same good, service or resource15) Condition of having to chose among alternative, people have unlimited wants in a world with limited resources. people have to chose their highest priority.17) A situation in which the price is not allowed to decrease below a certain level18) Benefits derived by someone who is not the consumer nor producer of the good.19) An economic system in which the means of production are privately owned and operated for profit from investment, usually in competitive markets21) Any factor that impacts the quantity purchased of the good other than the price.22) A balance which is established where the Qd=Qs23) Statements of fact; tautology;truism and unknown income25) A situation in which the price is not allowed to rise above a certain level.27) Hypothesis, Variables, Assumptions, Data Collection, Analysis and Conclusions28) A quantity supplied that is larger than the quantity demanded at a given price.30) Any decision you make, you are sacrificing something else.31) Set of experiences, know how, education and skills of a worker32) Studies behavior of individuals, households, firms } pieces of the puzzle34) It is possible to prevent a consumer from obtaining the good or service35) The rational self-interest assumption says we do not intentionally make damagine decisions.36) A set of simplifying assumptions about some aspect of the real world37) A nation has this when it can produce more of a good.38) Studies the economy as a whole } the big picture39) A graphical representation showing all possible combinations of quantities of goods and services that can be produced using the existing resources fully and efficiently.40) Labor, Capital, Land and Entrepreneurship42) Risk taking ability of people to change the status quo, invent and innovate43) It is NOT possible to prevent a consumer from obtaining a good or service44) Statements that imply an opinion, a value or a judgement45) 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.
 

 

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