Basic Economic Concepts

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Across
  1. 1. The capacity to be useful and provide satisfaction.
  2. 6. Manufactures goods are used to produce other goods and services.
  3. 9. The dollar value of all final goods and services, and structures produced within a country's borders in a 12-month period
  4. 10. An item that is economically useful or satisfies an economic want.
  5. 11. Goods and services that are useful, relatively scarce, and transferable to others
  6. 12. Markets where producers sell their goods and services to consumers
  7. 14. A way of thinking about problem that compares the cost of an action to the benefits received.
  8. 15. Apparent contradiction between the high value of nonessentials and low value of essentials
  9. 16. A measure of the amount of output produced by a given amount of inputs in a specific period
  10. 17. A location or other mechanism that allows buyers and sellers to exchange certain economic products
  11. 18. Economies rely on other economies to provide goods and services.
  12. 21. Work that is performed for someone.
  13. 22. The money used to buy the tools and equipment in production.
  14. 24. Intended for final use by individuals.
  15. 25. Refers to the "gifts of nature", or natural resources not created by humans.
  16. 26. Takes place when work is arranged so that individual workers do fewer task than before.
  17. 27. The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.
  18. 29. An economy in which consumers and privately owned business, rather than the government, control the majority of economic decisions
  19. 32. Occurs when a nation's total output of goods and services increases over time.
  20. 34. The sum of skills, abilities, health, and motivation of people.
Down
  1. 2. Alternative choices.
  2. 3. The accumulation of those products that are tangible, scare, useful, and transferable from one person to another
  3. 4. Resources required to produce the things we would like to have.
  4. 5. The condition that results from society not having enough resources to produce all the things people would like to have.
  5. 7. The markets where productive resources are bought and sold.
  6. 8. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
  7. 13. A way of expressing a need.
  8. 19. The quality of life based on the possession of the necessities and luxuries that make life easier.
  9. 20. A worth that can be expressed in dollars and cents.
  10. 23. The tools, equipment, machinery, and factories used in the production of goods and services.
  11. 28. A basic requirement for survival.
  12. 30. A risk-taker in search of profits who does something new with existing resources.
  13. 31. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
  14. 33. People with all their efforts, abilities, and skills.