Economics Ch.1 terms

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Across
  1. 1. the value of any alternative that you must give up when you make a choice
  2. 2. the branch of economics that examines the choices of individuals concerning 1 product, 1 firm, or 1 industry
  3. 4. a simplified description of reality
  4. 6. the human characteristic of never having all wants and needs satisfied
  5. 10. the condition of there not being enough resources to fulfill all wants and needs
  6. 11. the process of choosing which needs will be satisfied and how much of our resources we will use to satisfy them
Down
  1. 1. what is gained by making a particular choice
  2. 3. the branch of economics that examines the behavior of the whole economy at once
  3. 5. the mix of goods that can be purchased with a limited amount of income
  4. 7. the condition that occurs because people’s wants and needs are unlimited, while the resources needed to produce goods and services to meet these wants and needs are limited
  5. 8. the combination of social and individual decision making a society uses to answer the 3 economic questions
  6. 9. the social science that deals with how society allocates its scarce resources among its unlimited wants and needs