Chapter 1 Lesson 2 Vocab

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Across
  1. 3. the resources used to produce goods and services. Economists define these resources as land, labor, and capital.
  2. 6. work done by someone else for which a consumer, business, or government is willing to pay. Three examples are teaching, gardening, and childcare.
  3. 7. 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
  4. 8. a person who assembles and organizes the resources necessary to produce goods and services
Down
  1. 1. the value of the next best alternative that is given up when making a choice; a measure of what you must give up to get what you want
  2. 2. physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.
  3. 4. the tools, machines, and buildings used to produce goods and services
  4. 5. a measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input