CROSSWORDS- BASIC ECONOMIC TERMS - KEY
CROSSWORDS- BASIC ECONOMIC TERMS - KEY
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O
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O P P O R T U N
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T Y C O S T
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M
M
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E C O N O M I
C G R O W T H
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P O S
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V
V E
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E
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F R E E
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C
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F
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E
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A
O
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F
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U
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S C A R C E
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M
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C O N S T A N T
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S P E C I
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A L
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F
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H Y P O T H E S
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C
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Y
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M
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C
D
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O
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M A R K E T
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U
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T R A N S
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P R O D U C T
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L A B O U R
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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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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.
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