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Economic Terms (Ch 1-5)

Across
Getting smaller or less numerous
Money left over after all production costs have been paid
A person who buys things
A product that can be used in place of another product
The ___ hand was Adam Smith's word for "competition"
The work people do
The contest between people and businesses to sell smething
Work that people do for other people and charge for it
The use of science for better production
A person who takes the risks and starts a business
Anything people use to make things or do work
Farming
Something not needed for life, but makes life better
Getting larger or more numerous
The law-making branch of our government
All the money taken in by a business
People's wants are greater than products available
Things worth something (buildings, machinery, money)
Something we don't need to live; an unnecessary item
Down
Something we need to live
The costs of doing business
Changing
Items people buy (e.g., a car)
The usefulness or satisfaction we get from a product
Something necessary to live
a written plan of government
Unchanging
The type of demand that doesn't affect the price of goods or services
Means "in the country" or "away from the city"
Something that pushes a person to take action
The type of demand that causes a price change
Means "in the city"
The amount of goods/services that consumers are willing to buy
The place where people come together to buy and sell
The ability and willingness of sellers to sell products
Money people and businesses pay to pay for the costs of government