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Economics Introduction CHC

Mr.McCue & Nessim

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3.A doctor provides a __________ which can be purchased by a comsumer.
5.Money left over after you subtract expenses from income in a business.
11.A type of economic system in which the comsumer is king. (2 Words)
12.The _______ sector refers to businesses owned and operated by individuals rather than governments.
15.____________ is a time when the economy is booming.
17.An iPod is an example of a _________ which can be purchased by a comsumer.
18.When the economy is in terrible shape it is called a _______________.
19.Production is determined by the input of capital, natural resources and ______.
20.Government programs that transfer income from people with higher incomes to those with lower incomes. (2 Words) (2 Words)
23.Capitalism and c______________ are conflicting economic ideologies.
24.Businesses or agencies owned and operated by the government.
25.In all societies ______ and wants are greater than supply.
1.The ups and downs of the economy is called the business _________.
2.The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.
4.Canada's economic system can best be described as a _________ economy.
6.An economic slowdown.
7.A type of economic system in which tradition determines economic decisions. (2 Words) (2 Words)
8.This happens when prices increase in a society.
9.The economic term to describe where consumers and producers meet.
10.When an economy is improving but still not booming we say that it is _____________.
13.Governments set up ________ like minimum wages and safety standards to protect citizens.
14.Rivalry between two or more businesses striving for the same customer or market
16.A type of economic system in which the government is in involved in all economic decisions. (2 words) (2 Words)
21.All societies must find answers and a system for the ___________basic economic questions.
22.The interaction between supply and demand determine ________.

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