Chapter 1: Economic Way of Thinking Key Terms

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Across
  1. 1. Cost benefit _________ = if benefits exceeds costs, then the action is worth taking.
  2. 4. the condition that results because people have limited resources but unlimited wants.
  3. 6. ____________ economics:the branch of economics that advises how things ought to be done.
  4. 8. _________ economics:the branch of economics used to find out how the world works and describe how things are.
Down
  1. 2. any factor that encourages or motivates a person to do something.
  2. 3. the study of how people choose to use their limited resources to satisfy their unlimited wants.
  3. 5. the exchange of one benefit or advantage for another that is thought to be better.
  4. 7. the system used to manage limited resources for the production, distribution, and consumption of goods and services.