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Terms of Macroeconomics Chapter 1

Andrew Lamour

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Across
2.A relationship in which two variables move in opposite directions
4.Resources provided by nature and used to produce goods and services
11.A small, one unit change in value
14.Answers the question "What is?" or "What will be?"
15.The resources we use to produce goods and services are limited
16.The Latin expression meaning that other variables are held fixed
17.Human efoort, including both physical and mental effort, used to produce goods and services
18.A measure of something that can take on different values
Down
1.The resources used to produce goods and services; also known as production inputs or resources
2.Answers the question "What ought to be?"
3.A relationship in which two variables move in the same direction
5.The study of choices when there is scarcity
6.The effort used to coordinate the factors of production-natural resources, labor, physical capital, and human capital-to produce and sell products
7.The study of a nations economy as a whole
8.A simplified representation of an economic evironment, often employing a graph
9.The knowledge and skills acquired by a worker through education and experience and used to produce goods and services
10.The stock of equipment, machines, structures, and infrastructure that is used to produce goods and services
12.The vertical difference between two points (the rise) divided by the horizontal difference (the run)
13.The study of choices made by households, firms and governments

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