CROSSWORDS- BASIC ECONOMIC TERMS - KEY
CROSSWORDS- BASIC ECONOMIC TERMS - KEY
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CROSSWORDS- BASIC ECONOMIC TERMS - KEY
Across
2. OPPORTUNITY COST--The value of the best alternative forgone in making any choice. 4. ECONOMIC GROWTH--The process through which an economy achieves an outward shift in its
production possibilities curve. 5. POSITIVE--A statement of fact or a hypothesis 6. FREE good; A good for which the choice of one use does not require that another be given up 12. CONSTANT--Something whose value does not change 13. SCARCE good; A good for which the choice of one alternative requires that another be given up 14. MIXED--Economy that combine elements of market capitalist and of command socialist economic
systems. 15. SPECIALIZATION--Situation in which an economy is producing the goods and services in which it
has a comparative advantage. 16. HYPOTHESIS--An assertion of a relationship between two or more variables that could be proven
to be false. 19. MARKET--Economy in which resources are generally owned by private individuals who have the
power to make decisions about their use. 22. TRANSITION--economy; An economy moving from command to free market 23. PRODUCTION POSSIBILITIES--curve ; A graphical representation of the alternative combinations of
goods and services an economy can produce. 24. SCARCITY--The condition of having to choose among alternatives. 25. LABOUR--The human effort that can be applied to the production of goods and services.
Down
1. NORMATIVE--A statement that makes a value judgment. 3. MICROECONOMICS--The branch of economics that focuses on the choices made by consumers
and firms and the impacts those choices have on individual markets. 7. ENTREPRENEUR--A person who, operating within the context of a market economy, seeks to earn
profits by finding new ways to organize factors of production. 8. ECONOMICS--A social science that examines how people choose among the alternatives available
to them 9. FACTORSOF PRODUCTION--The resources available to the economy for the production of goods
and services. 10. VARIABLE--Something whose value can change. 11. FULL EMPLOYMENT--Situation in which all the factors of production that are available for use
under current market conditions are being utilized. 17. COMMAND--Economy in which government is the primary owner of capital and natural resources
and has broad power to allocate the use of factors of production. 18. CETERIS PARIBUS--A Latin phrase that means, "all other things unchanged." 20. UTILITY--The value, or satisfaction, that people derive from the goods and services they consume
and the activities they pursue. 21. CAPITAL--A factor of production that has been produced for use in the production of other goods
and services.
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