Chapter 1 Vocab

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Across
  1. 3. an economic acronym that stands for “there is no such thing as a free lunch"
  2. 7. the study of how people, businesses, and governments decide to use limited resources to meet their needs and wants
  3. 8. something that motivates us to perform a specific action
  4. 9. the next-best alternative you give up when you choose one option over another
  5. 10. the satisfaction or happiness that comes from consuming a good or service
Down
  1. 1. money paid for borrowing money or earned for lending it
  2. 2. the monetary worth of a good or service
  3. 4. the money a business makes after subtracting all costs from its earnings
  4. 5. the branch of economics focused on the economy of a country or region
  5. 6. different options people have when deciding how to use their resources