choice in a world of scarcity

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Across
  1. 3. when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service).
  2. 4. The increase or decrease in the cost of producing one more unit or serving one more customer.
  3. 5. statement which describes how the world should be.
  4. 8. costs that we make in the past that we cannot recover.
  5. 9. examination of decisions on the margin, meaning a little more or little less from the status quo.
Down
  1. 1. when the mix of goods produced represents the mix that society most desires.
  2. 2. satisfaction, usefulness, or value one obtains from consuming goods and services.
  3. 3. statement which describes the world as it is.
  4. 6. When you choose one thing which causes you to have to give up, or sacrifice, another.
  5. 7. A maximum amount a consumer is willing to pay for an additional good or service.