Econ Unit 1 -Definitions

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Across
  1. 4. Expenditure on capital
  2. 5. Man-made resources
  3. 7. Human wants are unlimited but resources are scarce
  4. 10. Private costs + external costs
  5. 11. Something that is essential for survival
  6. 12. Using up goods and services (products) to satisfy consumers' needs and wants
  7. 14. Human skills and effort
  8. 15. Something that is not essential
  9. 16. Money given to a company by the government
  10. 17. Is the study of how to allocate limited resources
  11. 18. Private benefits + external benefits
  12. 19. Using inputs to make outputs to satisfy the needs and wants of consumers
Down
  1. 1. Unlimited wants over limited resources
  2. 2. The value of the best next alternative forgone, the cost of choice
  3. 3. Something is limited in comparison to how many people want it
  4. 6. Resources
  5. 8. Involves deciding how best to use scarce resources to satisfy as many needs and wants as possible
  6. 9. Business know-how
  7. 13. Natural resources
  8. 16. The use of resources in a way that will not compromise future generations