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Economics Key Terms

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Across
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A comparatively homogeneous product that can typically be bought in bulk
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Mr C's daughter who got to ride in a police car
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the exchange of one benefit or advantage for another that is thought to be better
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something that motivates a person to take a particular course of action; could be positive or negative
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is defined as consumers' willingness and ability to consume a given good
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a system used to manage limited resources for the production, distribution, and consumption of goods and services
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the study of the economy at the level of individuals, households, and businesses
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a current medium of exchange in the form of coins and banknotes
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the using up of a resource, product or service
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is an obligation to repay an amount you owe
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how quickly you can get your hands on your cash
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the condition that results because people have limited resource but unlimited wants
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an economic system in which production and prices are determined by unrestricted competition between privately owned businesses
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a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
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An economic system in which economic decisions are made based on customs, beliefs, religion and habits
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is the extension and integration of cross-border international trade, investment and culture
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A market structure characterized by a single seller, selling a unique product in the market. The seller faces no competition, as he is the sole seller of goods with no close substitute
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an economy in which production, investment, prices, and incomes are determined centrally by a government
Down
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the act of giving money, food, or other kinds of help to people who are poor, sick, etc.
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is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations
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is a persistent fall in the general price level of goods and SERVICES
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the belief that an economy functions best when there is no interference by government
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the study of the workings of the economy as a whole
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anything used to produce an economic good or service
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is the number of people out of work divided by the total civilian labor force
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the study of how people choose to use their limited resource to satisfy their unlimited wants
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an arrangement that brings buyers and sellers together to do business with each other
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is defined as the total amount of a given product or service that is available for purchase at a set price
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a person who purchases goods and services for personal use
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A tax that's usually on imported goods
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a significant decline in economic activity spread across the economy, lasting more than a few months
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a general increase in prices and fall in the purchasing value of money
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an economic system combining private and public enterprise
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the total value of goods produced and services provided in a country during one year