Vocabulary 1

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Across
  1. 2. a branch of economics focused on value judgments and opinions about how the economy should be, dealing with fairness, equity, and policy prescriptions
  2. 4. a balance achieved between two desirable but incompatible features; a compromise.
  3. 5. a thing that motivates or encourages one to do something.
  4. 6. the system of production, distribution, trade, and consumption of goods and services in a region, country, or globally, driven by factors like resources, culture, and policies, encompassing activities from local spending to national GDP
  5. 7. the social science studying how individuals, businesses, and societies make choices to allocate scarce resources to satisfy unlimited wants
  6. 8. a systematic decision-making tool that weighs all the potential costs (monetary, time, resources) against all the potential benefits (profits, savings, quality of life improvements) of a project, policy, or choice to determine if the benefits outweigh the costs
Down
  1. 1. the objective study of "what is," focusing on factual, testable statements about economic behavior and outcomes, using data and models to describe cause-and-effect relationships
  2. 3. the state of being scarce or in short supply; shortage.