Ch 1 Lesson 2 Vocab

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Across
  1. 1. Actions or work performed by others, like a haircut or medical checkup.
  2. 3. of Production The four basic resources (land, labor, capital, entrepreneurship) used to create output.
  3. 5. Physical, tangible items that people buy, such as food or clothing.
  4. 7. The amount of output produced per unit of resource input.
  5. 8. Human-made tools, machines, and buildings used to produce other goods.
Down
  1. 2. The skill of starting a business, innovating, and taking risks to make a profit.
  2. 4. Cost: The value of the next best alternative given up when making a choice.
  3. 6. A graph showing the maximum combinations of two goods an economy can produce.