Basic econ concepts

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Across
  1. 5. Risk-taker in search of profits
  2. 9. Workers
  3. 13. The total value of assets owned
  4. 14. The process of creating goods or providing services
  5. 15. OF LIVING The level of comfort, material goods, and necessities available to a population
  6. 16. The satisfaction or benefit gained from consuming a good or service
  7. 18. Essential items for survival
  8. 21. INTERDEPENDENCE The reliance of different economic actors on each other
  9. 22. the study of human efforts to satisfy unlimited and competing wants through the use of relatively scarce resources. As well as the behavior of people as they cope with scarcity.
  10. 23. GOODS Items used to produce other goods
  11. 25. The act of using goods and services to satisfy wants and needs
  12. 26. COST What is sacrificed when a choice is made.
  13. 27. POSSIBILITIES FRONTIERIs a diagram representing various combinations of goods and/or services an economy can produce
Down
  1. 1. CAPITAL The knowledge, skills, and abilities that make individuals productive
  2. 2. The worth of a good or service, often measured in money
  3. 3. FLOW OF ECONOMIC ACTIVITY A model showing the flow of goods, services, and money between households and businesses
  4. 4. Focusing on producing a specific good or service
  5. 6. Intangible activities that satisfy wants or needs
  6. 7. Desires that enhance life but aren't necessary
  7. 8. OF LABOR Breaking down production into specific tasks performed by different workers
  8. 10. GOODS Products used by individuals (e.g., clothes, food)
  9. 11. Natural Resources
  10. 12. Individuals or groups who use goods and services
  11. 17. Tools and equipment used to produce
  12. 19. When supply of a resource can’t meet demand.
  13. 20. Tangible items that satisfy wants or needs
  14. 24. The efficiency of production, often measured as output per unit of input