Chapter One

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Across
  1. 2. Good is intended for final use by consumers other than businesses.
  2. 8. Apparent contradiction between the high value of a nonessential item and the low value of an essential item.
  3. 9. Goods that last for at least 3 years when used regularly.
  4. 10. Tangible economics that is useful, transferable to others, and used to satisfy wants and needs.
  5. 11. Social science deals with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
  6. 12. Fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants
Down
  1. 1. Capable of being passed from one person to another
  2. 3. Work or labor performed for someone; economics product that includes haircuts, home repairs, and forms of entertainment.
  3. 4. Something we would like to have but is not necessary for survival
  4. 5. Monetary worth of a good or service is determined by the market.
  5. 6. Item that wears out, is used up, or last for fewer than years.
  6. 7. Basic requirements for survival, including food, clothing, and shelter