Chapter 1 Review

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Across
  1. 2. work that one person does for another
  2. 3. a simplified representation of economic forces
  3. 5. the alternative people give up when they make choices
  4. 7. refers to all natural resource used to produce goods and services
  5. 9. things that are necessary for survival
  6. 11. a graph used by economists to show the impact of scarcity on economy
  7. 12. involves the vision, skills, and risk taking needed to create and run businesses
  8. 14. the additional satisfaction from using one more unit of a product
  9. 15. to make decisions according to the best combination of costs and benefits.
  10. 16. the benefit or satisfaction received from using a good or a service
  11. 17. the additional cost of using one more unit of a product
  12. 18. involves producing the maximum amount of goods and services possible
  13. 22. objects, such as food, clothing, and furniture, that can be bought
  14. 23. means producing fewer goods and services than possible
  15. 24. the basic economic problem
  16. 25. describes the total amount of a specific good or service that is available to consumers
  17. 26. refers to consumers' desire to purchase goods and services at given prices
Down
  1. 1. the alternative people give up when they make choices
  2. 4. a maker of goods or a provider of services
  3. 6. resources made and used to produce and distribute
  4. 8. methods used to encourage people to take certain actions
  5. 10. the value of something that is given up to get something else that is wanted
  6. 13. all of the human effort used to produce goods and services
  7. 15. the study of how individuals satisfy their unlimited wants with limited resources
  8. 19. all of economics centers around making these
  9. 20. a person who buys or uses goods or services
  10. 21. desires that can be satisfied by consuming a good or a service