Download Economics Chapter 3: Key Concepts and Terms and more Lecture notes Economics in PDF only on Docsity! Name: _____________________________________ Date: _______ Period: _______ Economics Chapter 3 P 1 M 2 U I B 3 U S I N E S S C Y C L E L R I O P 4 P 5 U B L I C D I S C L O S U R E L A W S R I C I F 6 N M 7 O V P 8 R O F I T M O T I V E A N L 9 A E E C O E F 10 T E R V 11 R M G R E R O 12 P E N O P P O R T U N I T Y A E P I S L E C L E R D C 13 T U C S E C O E O N O Q O P R M E 14 X T E R N A L I T Y U N E P A O A T R P 15 U B L I C S E C T O R M 16 A R K E T F A I L U R E T T Y I I A Y P 17 R I V A T E S E C T O R T C R T X S Y T I I C G O H H N A T I 18 N T E R E S T G R O U P S G P 19 O V E R T Y T H R E S H O L D G 20 R O S S D O M E S T I C P R O D U C T Across 3. a period of macroeconomic expansion followed by a period of contractioon, or decline 5. requires companies to give consumers important information about their products 8. the force that encourages people and organizations to improve their material well being 12. The concept that everyone can compete in the marketplace 14. this is an economic side effect of a good or service that generates beneefits or costs to someone other than the person deciding how much to produce or consume 15. This part of the economy involves the transactions of the government 16. A situation in which the market, on its own, does not distribute resources efficiently - example of free rider 17. The part of the economy that involves the transactions of individuals and businesses 18. A private organization that tries to persuade public officials to act or vote according to the interest of the group's members 19. an income level below that which is needed to support families or households 20. The total value of all final goods and sevices produced in a particular economy Down 1. The concerns of the public as a whole 2. the studyof the economic behavior and decision making of small units such as individuals, families and businesses 4. The concept that people have the right and privilege to control their possessions as they wish 6. someone who would not choose to pay for a certain good or service but would get the benefits of it anyway 7. The study of the behavior and decision making of entire economics 9. The concept of giving everyone the same legal rights 10. this allows people to decide what agreements they want to enter into 11. This allows people to decide what and when they want to buy and sell, rather than forcing them to buy or sell at certain times or prices 13. The rivalry among sellers to attract customers while lowering costs
