Cody Suminski Economics Vocab

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Across
  1. 3. exchanging something for something else
  2. 5. a social science that studies how people, acting individually and in groups, decide to use scarce to satisfy their wants
  3. 6. the physical or mental efforts people use to create goods and services
  4. 7. a positive difference between total sales and total costs
  5. 12. the extra or additional costs or benefits of a decision
  6. 14. as known as a loss
  7. 16. using a product or service to consumers
  8. 18. the imagination, innovative thinking, and management skills needed to start and operate a business
  9. 19. an inequality that exists between wants and the resources available to satisfy them
  10. 20. a process that combines economic resources so the result is a good or service that is available for sale
  11. 21. relates to fines or punishment
Down
  1. 1. positive rewards for making some kind of choice or behaving in a certain way
  2. 2. what economists called land,labor, and capital resources
  3. 4. buildings, tools, and machines people create and use to produce final goods and services
  4. 8. the study of individual consumers and businesses
  5. 9. the highest valued alternative given up as a result of making a choice
  6. 10. the study of the economy as a whole
  7. 11. the process of getting a product or service to consumers
  8. 12. an arrangement that allows buyers and sellers to make exchanges
  9. 13. has natural resources such as soil, minerals, timber, and fresh water
  10. 15. economy an economy that relies on voluntary trade as the primary means of organizing and coordinating production
  11. 17. as known as a gain