Basic Economic Concepts

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Across
  1. 3. A way of expressing a need.
  2. 4. A basic requirement for survival.
  3. 5. Refers to the "gifts of nature", or natural resources not created by humans.
  4. 7. The sum of skills, abilities, health, and motivation of people.
  5. 8. The capacity to be useful and provide satisfaction.
  6. 10. Markets where producers sell their goods and services to consumers
  7. 11. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
  8. 14. The tools, equipment, machinery, and factories used in the production of goods and services.
  9. 17. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
  10. 18. Resources required to produce the things we would like to have.
  11. 19. Work that is performed for someone.
  12. 20. A risk-taker in search of profits who does something new with existing resources.
  13. 21. Manufactures goods are used to produce other goods and services.
  14. 22. 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.
  15. 23. The accumulation of those products that are tangible, scare, useful, and transferable from one person to another
  16. 24. The condition that results from society not having enough resources to produce all the things people would like to have.
Down
  1. 1. The money used to buy the tools and equipment in production.
  2. 2. Goods and services that are useful, relatively scarce, and transferable to others
  3. 6. Takes place when work is arranged so that individual workers do fewer task than before.
  4. 9. People with all their efforts, abilities, and skills.
  5. 11. A measure of the amount of output produced by a given amount of inputs in a specific period
  6. 12. Intended for final use by individuals.
  7. 13. Economies rely on other economies to provide goods and services.
  8. 15. An item that is economically useful or satisfies an economic want.
  9. 16. The quality of life based on the possession of the necessities and luxuries that make life easier.
  10. 18. The markets where productive resources are bought and sold.