Connor Bartlette's Econ Ch1.1 Vocabulary

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Across
  1. 3. a measure of the amount of output produced by a given amount of inputs in a specific period of time
  2. 5. markets markets where productive resources are bought and sold
  3. 9. to the “gifts of nature” or natural resources not created by humans
  4. 10. a risk-taker in search of profits who does something new with existing resources
  5. 13. an item that is economically useful or satisfies an economic want
  6. 14. growth when a nation’s total output of goods and services increases over time
  7. 17. basic requirement for survival and includes food, clothing, and shelter
  8. 18. market markets where producers sell their goods and services to consumers
  9. 19. work that is performed for someone
  10. 20. of labor takes place when work is arranged so that individual workers do fewer tasks than before
  11. 23. good is intended for final use by individuals
  12. 24. of production resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurship
  13. 26. tools, equipment, machinery, and factories used in the production of goods and services
Down
  1. 1. the process of creating goods and services
  2. 2. the capacity to be useful and provide satisfaction
  3. 3. of value is the situation where some necessities have little monetary value (water) and some non-necessities have a much higher value (diamonds)
  4. 4. refers to worth that can be expressed in dollars and cents
  5. 5. capital money used to buy the tools and equipment used in production
  6. 6. a location or other mechanism that allows buyers and sellers to exchange a certain economic product
  7. 7. the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
  8. 8. interdependence means that we rely on others, and others rely on us, to provide the goods and services that we consume
  9. 10. products goods and services that are useful relatively scarce, and transferable to others
  10. 11. condition that results from society not having enough resources to produce all the the things people would like to have
  11. 12. a way of expressing a need
  12. 15. goods when manufactured goods are used to produce other goods and services
  13. 16. capital the sum of the skills, abilities, health and motivation of people
  14. 21. in an economic sense is the accumulation of those products that are tangible, scarce, useful and transferable from one person to another
  15. 22. Domestic Product (GDP) the dollar value of all final goods and services, and structures produced within a country’s borders in a 12 month period
  16. 25. people with all of their efforts, abilities, and skills