Ch 1 Lesson 1 Vocab

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Across
  1. 2. The exchange of one benefit or advantage for another that is thought to be better
  2. 5. The branch of economics that uses objective analysis to find out how the economy actually works
  3. 6. A system used to manage limited resources for the production, distribution, and consumption of goods and services
  4. 7. A way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking
Down
  1. 1. 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
  2. 3. The condition that results because people have limited resources but unlimited wants
  3. 4. Something that motivates a person to take a particular course of action
  4. 8. The study of how people choose to use their limited resources to satisfy their unlimited wants