Economics Vocabulary

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Across
  1. 3. Situation of not having enough resources to satisfy all one’s wants and needs
  2. 6. _____ resources: Land and all the materials nature provides
  3. 8. Alternative you face when you decide to do one thing rather than another
  4. 12. Workers and their abilities
  5. 13. Cost of the next best use of time or money when choosing to do one thing rather than another
  6. 14. Work that is done for us
  7. 16. Risk-taking individuals who start a new business, introduce a new product, or improve method of making something
  8. 17. Basic requirement for survival
Down
  1. 1. Factories, tools, and equipment that manufacture goods
  2. 2. Study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
  3. 4. Desire for a good or a service
  4. 5. factors of _________; Four categories of resources used to produce goods and services: natural resources, capital, labor, and entrepreneurs
  5. 7. To support or encourage
  6. 9. Things used to make goods or services
  7. 10. Alternative, choice
  8. 11. Things we can touch or hold
  9. 15. benefit _____________ analysis; Economic decision-making model that divides the total benefits by the total costs