Unit 1, Test 1 Review



Across

1. A method in which goods and services are exchanged for other goods and services

3. The economic principle that supply goes up when prices goes up; and, conversely, comes down when prices come down

5. Are things that are not necessary for survival, but that add comfort & pleasure to our lives

6. Tertiary is also known as the ____________ industry

8. These are things that are necessary for survival such as food, clothing, and shelter

9. Also referred to as income

11. An economy which is not based on money

13. Industries such as forestry, farming, fishing, and mining

14. The quantity of a good or service that consumers are willing & able to buy at a particular place

15. Expenditures that are involved in running a business

16. An economy in which decisions regarding investment, production, distribution and prices are based on supply and demand

17. The quantity (amount) of a good or service that producers can provide

18. Organizations that do not seek a profit and operate for the good of the community

Down

2. When the quantity of goods that a producer is willing to supply at a certain price matches the quantity of goods that consumers are willing to buy at that price

3. The economic principle that demand goes up when prices goes down; and, conversely, comes down when prices go up

4. How sensitive consumers are to a change in price

6. Assistance provided, usually in return for a payment, that satisfies needs and wants

7. Items that can be seen or touched and, if attractive enough, bought!

10. Research and development and the processing of ideas would fall into this industry

12. When two or more businesses try to sell the same type of product or service to the same customer

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