Chapter 1 Economics

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Across
  1. 3. Are physical objects that someone produces, such as food, clothing, or video games.
  2. 4. The use of resources in such a way as to maximize the output of goods and services.
  3. 7. Is the study of how people seek to satisfy their needs and wants by making choices.
  4. 8. An economic principle which states that as a production shifts from making one good or service for which it has a comparative advantage.
  5. 11. Any human-made resource that is used to produce other goods and services.
  6. 13. The process of deciding whether to do or use one additional unit of some resource.
  7. 16. All natural resources used to produce goods and services.
  8. 18. The principle that limited amounts of goods and services are available to meet unlimited wants.
  9. 19. Occurs when consumers want more of a good or service than producers are willing to make available at a particular price.
  10. 20. Are actions or activities that one person performs for another. Medical care and haircuts are services.
  11. 21. is The act of giving up one benefit in order to gain another, greater benefit.
  12. 23. Is something essential for survival such as food or medical care
  13. 25. The use of fewer resources than an economy is capable of using.
  14. 26. The extra cost of adding one unit.
Down
  1. 1. Resources used to make all goods and services. The three main factors of production are land, labor, and capital.
  2. 2. A line on a production possibilities curve that shows the maximum possible output an economy can produce.
  3. 5. The extra benefit of adding one unit.
  4. 6. A graph that shows alternative ways to use a country's productive resources
  5. 9. Are people who decide how to combine resources to create new goods and services. Anyone who opens a business, large or small.
  6. 10. The human-made objects used to create other goods and services.
  7. 12. The knowledge and skills a worker gains through education and experience.
  8. 14. A phrase expressing the idea that country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa.
  9. 15. A decision-making process in which you compare what you will sacrifice and gain by a specific action.
  10. 17. Is something that we desire but that is not necessary for survival, such as video games or stylish haircuts.
  11. 22. The most desirable alternative given up as the result of a decision.
  12. 24. The effort people devote to tasks for which they are paid.