Basic Terms in Economics

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Across
  1. 1. ____________ analysis. weighing the pros and cons of a certain decision
  2. 6. things that are necessary to our survival
  3. 8. area where goods are produced, distributed, and traded
  4. 10. physical things that we consume
  5. 13. things NOT necessary to our survival
  6. 15. socio-economic system where industry is owned privately
  7. 17. ________ of Production. Land, Labor, and Capital
  8. 19. ____________ economy. Economic system based on voluntary exchange
  9. 20. what we give up when we make a decision
  10. 23. 3 types: financial, physical, and human
  11. 24. people who combine the factors of production to produce goods and services
  12. 28. when resources are not used at maximum efficiency
  13. 29. things that are needed to produce goods & services
Down
  1. 2. a limited supply to meet unlimited wants
  2. 3. use resources to maximize production
  3. 4. geographical space or natural resources
  4. 5. ____________ cost. the next-best alternative that we sacrifice making one decision over another
  5. 7. actions performed for someone
  6. 9. those who create a good or service
  7. 11. goods or services available for consumption
  8. 12. people's desire to consume something
  9. 14. when something can't be offered at the current price
  10. 16. _________ economy. Economic system where all decisions are made by the state.
  11. 18. things that make us want to do something
  12. 21. socio-economic system where industry is controlled by the state
  13. 22. those who purchase a good or service
  14. 25. the total size of a country's economy
  15. 26. ________ economy. Economic system controlled by a mixture of state and private.
  16. 27. human effort used to perform a task