CROSSWORDS- BASIC ECONOMIC TERMS - KEY

CROSSWORDS- BASIC ECONOMIC TERMS - KEY

1

N

O

2

O P P O R T U N

I

T Y C O S T

3

M

M

I

A

4

E C O N O M I

C G R O W T H

T

R

I

5

P O S

I

T

I

V

V E

6

E

7

F R E E

8

C

9

F

N

E

10

11

A

O

C

V

T

F

N

O

A

R

U

O

N

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L

P

L

O

S C A R C E

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C

12

M

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M

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C O N S T A N T

13

14

C

I

M I

E

B

S

X E D

15

S P E C I

S

A L

I

Z A T

I

E

O N

O

P

E

L

U

O

F

16

H Y P O T H E S

I

S

17

C

R

Y

R

M

O

C

D

E

18

O

19

20

M A R K E T

U

21

U

N

M

T

C

C

E

A

I

T

R

P

L

T

22

T R A N S

I

T

I

O N

N

23

P R O D U C T

I

O N P O S S

I

B

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N

I

L

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T

I

S

T

T

P

A

Y

A

L

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24

S C A R C

I

T Y

B

25

L A B O U R

S

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CROSSWORDS- BASIC ECONOMIC TERMS - KEY

Across

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OPPORTUNITY COST¡ªThe value of the best alternative forgone in making any choice.

ECONOMIC GROWTH¡ªThe process through which an economy achieves an outward shift in its

production possibilities curve.

POSITIVE¡ªA statement of fact or a hypothesis

FREE good; A good for which the choice of one use does not require that another be given up

CONSTANT¡ªSomething whose value does not change

SCARCE good; A good for which the choice of one alternative requires that another be given up

MIXED¡ªEconomy that combine elements of market capitalist and of command socialist economic

systems.

SPECIALIZATION¡ªSituation in which an economy is producing the goods and services in which it

has a comparative advantage.

HYPOTHESIS¡ªAn assertion of a relationship between two or more variables that could be proven

to be false.

MARKET¡ªEconomy in which resources are generally owned by private individuals who have the

power to make decisions about their use.

TRANSITION¡ªeconomy; An economy moving from command to free market

PRODUCTION POSSIBILITIES¡ªcurve ; A graphical representation of the alternative combinations of

goods and services an economy can produce.

SCARCITY¡ªThe condition of having to choose among alternatives.

LABOUR¡ªThe human effort that can be applied to the production of goods and services.

Down

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3.

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11.

17.

18.

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NORMATIVE¡ªA statement that makes a value judgment.

MICROECONOMICS¡ªThe branch of economics that focuses on the choices made by consumers

and firms and the impacts those choices have on individual markets.

ENTREPRENEUR¡ªA person who, operating within the context of a market economy, seeks to earn

profits by finding new ways to organize factors of production.

ECONOMICS¡ªA social science that examines how people choose among the alternatives available

to them

FACTORSOF PRODUCTION¡ªThe resources available to the economy for the production of goods

and services.

VARIABLE¡ªSomething whose value can change.

FULL EMPLOYMENT¡ªSituation in which all the factors of production that are available for use

under current market conditions are being utilized.

COMMAND¡ªEconomy in which government is the primary owner of capital and natural resources

and has broad power to allocate the use of factors of production.

CETERIS PARIBUS¡ªA Latin phrase that means, ¡°all other things unchanged.¡°

UTILITY¡ªThe value, or satisfaction, that people derive from the goods and services they consume

and the activities they pursue.

CAPITAL¡ªA factor of production that has been produced for use in the production of other goods

and services.

This crossword has been downloaded from

Revision notes, crosswords, quizzes, flash games for IGCSE, A Level & IB Business Studies, Economics and

Accounting and ICT

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