Chapter one

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Across
  1. 4. Occurs when a nations total output of goods and services increases over time
  2. 5. is the condition that results from society not having enough resources to produce all the things people would like to have
  3. 7. Adam Smith, our earliest economist, was one of the first to explain the essence of value in his famous book The Wealth of Nations, which was published in 1776
  4. 8. is a good intended for final use by individuals such as shoes, shirts, or automobiles
  5. 9. a useful, tangible item such as a book, car, or mp3 player, that can be used to satisfy a need or want.
  6. 11. is a basic requirement for survival, such as food, clothing, and shelter
  7. 14. is simply something we would like to have but is not necessary for survival
  8. 15. is one that lasts three years or more when used on a regular basis
  9. 16. consumers privately owned businesses rather than the government , make the majority of the WHAT, HOW, and For WHOM decisions
  10. 17. that began in the 1960’s the movement was an attempt to educate buyers about purchases they make and to demand better and safer products from producers
  11. 19. These are markets where producers sell their goods and services
  12. 20. a term that refers to a worth that can be expressed in dollars and cents
  13. 22. that refers to a worth that can be expressed in dollars and cents
  14. 23. work that is performed for someone else
  15. 27. risk takers in search of profit who do something new with existing resources
  16. 28. a simplified equation, graph, or figure that shows how something works
  17. 32. resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurs
  18. 33. takes place when factors of production perform only tasks they can do better or more efficiently than others
  19. 35. is an item that lasts for fewer than three years when uses on a regular basis
Down
  1. 1. We rely on others, and others rely on us, to provide most of the goods and services we consume
  2. 2. the monetary value of all final goods, services, and structure produced within country’s borders in a 12 month period
  3. 3. is a way of organizing work so that each worker or work group completes a separate part of the overall task
  4. 6. a way of comparing the benefits of action to the expected costs
  5. 10. is the study of how people try to satisfy seemingly unlimited and competing needs and wants through the careful use of relatively scarce resources.
  6. 12. the sum of peoples skills,abilites, health, knowledge and motivation
  7. 13. where all of the factors of production are bought and sold
  8. 17. sometimes called capital goods, the tools, equipment, machinery, and factories used in the production of goods and services
  9. 18. our quality of life based on the ownership of the necessities and luxuries that make life easier
  10. 21. People with all their efforts, abilities, and skills
  11. 24. the capacity to be useful and provide satisfaction
  12. 25. alternative choices that are given up in favor of the choice we select
  13. 26. is a good intended for final use by individuals such as shoes, shirts, or automobiles
  14. 29. A location or other mechanism that allows buyers and sellers to exchange a specific product
  15. 30. refers to the gifts of nature, or natural resources not created by people
  16. 31. the accumulation of products that are tangible, are scarce, have vitility, and are transferable from one person to another
  17. 34. A measure of the amount of goods and services produced with a given amount of resources in a specific period of time
  18. 36. the value of the next best alternative given up