Ch 1 Lesson 2 Vocab

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Across
  1. 2. The tools,machines,and buildings used to produce goods and services.
  2. 6. 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.
  3. 7. The resources used to produce goods and services.
  4. 8. The willingness and ability to take risks involved in starting and managing a business.
Down
  1. 1. The value of the next best alternative that is given up when making choice; a measure of what you must give up to get you what you want.
  2. 3. Work done by someone else for which a consumer,business,or government is willing to pay.
  3. 4. Physical articles that have been produced for sale or use.
  4. 5. A measure of the efficieny with which goods and services are produced,stated as a ratio of output per unit of input.