Ch 1 Lesson 2 Vocab

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Across
  1. 2. Tools, machines, and buildings used to produce goods and services
  2. 8. a simple model of an economy that shows all the combinations of two goods that can be produced with the resources and technology currently available
Down
  1. 1. Willingness and ability to take the risks involved in starting and managing a business
  2. 3. factors of productionthe resources used to produce goods and services. Economists define these resources as land, labor, and capital.
  3. 4. Measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input
  4. 5. servicework done by someone else for which a consumer, business, or government is willing to pay. Three examples are teaching, gardening, and childcare.
  5. 6. The value of the next best alternative that is given up when making a choice; a measure of what you must give up to get what you want
  6. 7. Physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.