Ch 1 Lesson 1 Vocab

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Across
  1. 1. the branch of economics that uses objective analysis to find out how the economy actually works
  2. 4. something that motivates a person to take a particular course of action
  3. 6. the branch of economics that applies value judgments to data in order to recommend actions or policies. The goal is to advise how things ought to be done
  4. 7. A system used to manage limited resources for the production, distribution, and consumption of goods and services
  5. 8. principle the idea that limited resources force people to make choices and face tradeoffs when they choose
Down
  1. 2. the condition that results because people have limited resources but unlimited wants
  2. 3. the exchange of one benefit or advantage for another that is thought to be better
  3. 5. The study of how people choose to use their limited resources to satisfy their unlimited wants