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Economics Crossword

TermDefinition
Need A basic requirement for survival like food, water, and shelter
Scarcity This occurs because we have unlimited wants with limited resources.
Capital The factor of production that includes items like money, computers, fleets of trucks, buildings, etc.
Economics The study of the production and distribution of goods and services in a society.
Traditional The type of economic system that is often found in developing countries where individuals' roles are the same as their parents and grandparents.
Communism The command economic system where the government owns the means of production.
Government The elements of circular flow include: business, households, and __________________________.
Demand The amount of a good or service that people are willing and able to buy at a specified price.
Equilibrium The point at which supply and demand intersect.
Complimentary Goods that go together or are related where demand for one is linked to demand for the other are called ____________ goods.
Corporation A business owned by shareholders.
Entrepreneur An individual who starts a business.
Labor Education, experience, and skills are a part of which factor of production.
Inelastic Demand that does not change when prices rise and fall.
Supply Production above equilibrium results in excess _________
Amtrak The passenger train system owned and operated by the U.S. government
Created by: naalonz
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