Economics

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Across
  1. 6. "The science and art of exploring, creating, and delivering value to satisfy the needs of a target market" (Kotler)
  2. 8. Costs that do not require a cash outlay — e.g. foregone interest on the owner's savings
  3. 9. When each country specializes in goods with the lowest opportunity cost, both countries gain from this
  4. 10. American psychologist who created the hierarchy of needs, often depicted as a pyramid
Down
  1. 1. Costs that require a direct cash outlay — e.g. wages paid to employees
  2. 2. The increase in total cost from producing one additional unit of output (ΔTC/ΔQ)
  3. 3. The main goal of any enterprise — maximizing this
  4. 4. Costs that change as the quantity of output changes — e.g. wages paid to workers
  5. 5. The market value of all final goods and services produced within a country in a given period
  6. 7. Costs that do not vary with the quantity of output — e.g. Farmer Jack's payment for land