Chapter 1 Vocabulary

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Across
  1. 1. capital - the knowledge and skills a worker gains through education and experience,
  2. 5. - something essential for survival,
  3. 9. - a person who decides how to combine resources to create goods and services,
  4. 10. - all natural resources used to produce goods and services,
  5. 11. - the actions or activities that one person performs for another,
  6. 12. - something that people desire but that is not necessary for survival,
  7. 14. - the effort people devote to tasks for which they are paid,
  8. 15. - the act of giving up one benefit in order to gain another, greater benefit,
  9. 18. possibilities curve - a graph that shows alternative ways to use an economy's productive resources,
  10. 19. - the use of resources in such a way as to maximize the output of goods and services,
Down
  1. 2. - the use of fewer resources than an economy is capable of using,
  2. 3. capital - the human-made objects used to create other goods and services,
  3. 4. of production - the resources that are used to make goods and services,
  4. 6. - the study of how people seek to satisfy their needs and wants by making choices,
  5. 7. - the principle that limited amounts of goods and services are available to meet unlimited wants,
  6. 8. - the physical objects that someone produces,
  7. 13. - any humanmade resource that is used to produce other goods and services,
  8. 16. cost - the most desirable alternative given up as the result of a decision,
  9. 17. - a situation in which consumers want more of a good or service than producers are willing to make available at a particular price,