Econ Exam Review #1

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Across
  1. 3. the value of the next best alternative
  2. 6. good that lasts at least 3 years
  3. 7. natural resources
  4. 10. Social Science deals with how people satisfy unlimited needs and wants
  5. 11. item that wears out, is used up or lasts for fewer than 3 years
  6. 13. Fundamental economic problem facing all societies resulting from a lack of resources
  7. 14. something we would like but not necessary for survival
Down
  1. 1. how much someone likes something
  2. 2. monetary worth of a good or service
  3. 4. tools, equipment, or other manufactured good used to aid in the production of other goods and services
  4. 5. tangible economic product that is useful, transferable, and satisfies wants and needs
  5. 7. people with all their abilities and efforts; one of the four factors of production
  6. 8. requirements for life
  7. 9. There is no such thing as a free lunch
  8. 12. risk-taking individuals who introduce new products or services to the market