Ch 1-3 Review Crossword

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Across
  1. 5. , a condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants
  2. 7. , the hope of reward or the fear of punishment that encourages a person behave in a certain way
  3. 8. , producing the maximum possible output from the available resources
  4. 10. , statement about fact, can be supported or rejected by facts or reference
  5. 11. , the value of the best alternative passed up for the chosen item or activity
  6. 13. , most important economic decision maker, consisting of all those who live under one roof
  7. 14. , the level of satisfaction from consumption or sense of well-being
  8. 15. , a profit seeker who develops a new product or process and assumes the risk of profit or loss
  9. 18. , all resources are government owned, and production is coordinated by the central plans of the government
  10. 19. , an item you can see, feel and touch and that requires scarce resources to produce and satisfies human wants
  11. 20. , the concentration of productive efforts of individuals and firms on a limited number of activities
  12. 21. , the financial gain made in a transaction
  13. 22. , the means by which buyers and sellers carry out exchange
  14. 25. , something not physical that requires scarce resources to produce goods and services
  15. 26. , system shaped largely by custom or religion
  16. 28. , the part of the economy that involved transactions of individuals and businesses
Down
  1. 1. , non-rival in consumption - goods that once produced are available to all, but non-payers are not easily excluded
  2. 2. , the total value of all final goods and services produced in an economy
  3. 3. , goods that are rival in consumption but exclusion is costly
  4. 4. , so called "gifts of nature" used to produce goods and services
  5. 6. , any human-made resource that is used to produce other goods and services
  6. 8. , the inputs used to produce the goods and services that people want.
  7. 9. , protects rights of inventors, creators and others to their new ideas and inventions
  8. 12. , statement that reflects someone's opinion, cannot be proven true or false
  9. 16. , goods and services are distributed according to consumer preferences
  10. 17. , cash transfers for retirees, the unemployed, and others with a work history and a record of contributions to the program
  11. 23. , the study of the behavior and decision making of entire economies
  12. 24. , the effort that a person devotes to a task for which that person is paid
  13. 27. , a business unit or enterprise formed by a profit-seeking entrepreneur who combines resources to produce goods and services