Chapter 1 Economics Vocab
Across
- 2. How many scriptures translate the word 'economist'
- 6. Economics is the study of __________.
- 7. A tangible item with a measurable life span.
- 9. The study of individual units (such as individuals, families, or businesses)
- 10. A process that changes a nuisance good into an economic good.
- 11. A type of economics that is based off of research and results of the current markets.
- 12. A kind of good or service that has a negative economic cost
- 16. Satisfaction that a person loses any time they choose one item over another.
- 18. An intangible product is also known as a(n) ________
- 19. A type of economics that includes statements of opinion of how things SHOULD be.
- 20. The concept that everything is limited in quantity
- 21. It's value was debated in contrast of water
- 22. An imaginary unit of satisfaction
Down
- 1. Type of Good or service that has a price tag of zero, and no opportunity Cost for others in taking it
- 3. A common-sense science of how to allocate limited resources to satisfy unlimited wants
- 4. Worth determined by the usefulness to the buyer (based off of the situation)
- 5. The Father of the Austrian school of Economics, solving the Water-Diamond Paradox
- 8. Goods that have a pricetag higher than zero have a positive economic ________.
- 9. The study of large-scale choices (often at a national or global level)
- 13. Worth determined by the nature of the product itself (how rare, how much time to make, etc.)
- 14. benefit Satisfaction a person receives when making a choice
- 15. Usefulness
- 17. Menger claimed this could be more valuable than diamonds