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Economics 1

Across
This type of economy is an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit
This type of economy is an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
An economic system in which the government makes the major economic decisions
The additional or extra opportunity cost associated with each increase of one unit of sales
The cost of the next-best use of time or money when choosing to do one thing over another
The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
The amount of a good or service that consumers are willing to be able to buy over a range of prices
An expense that does not change no matter how much a business produces
An expense that changes depending on how much a business produces
____-___ analysis is the economic model that compares the marginal costs and marginal benefits of a decision
A person or business that provides goods or services
This type of economy is a market economy that has elements of command and tradition
The _____ price is the price set for a good or service in the marketplace, where demand and supply are perfectly balanced
Down
The additional income received from each increase of one unit of sales
The combination of all fixed and variable costs
A nation's way of producing things its people want and need
The money a business receives from selling its goods or services
The alternative you face when you decide to do one thing rather than another
Desire individuals have that can be met by getting a good or a service
The situation of not having enough resources to satisfy all one's wants
A thing that can be used - natural resources, labor, capital - to make goods or services
The amount of a good or service that producers are willing and able to sell over a range of prices