Economics Chapter 1 Vocab

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Across
  1. 3. mutual dependence of economic activities of one person company or nation
  2. 5. quality of life based on ownership of necessities and luxuries that make life easier
  3. 6. monetary value of all final products services and structer in a one year period
  4. 9. risk taking people who introduce new products or services in search of profit
  5. 11. natural resources not created by human effort
  6. 12. sum of peoples skills abilities health and motivation
  7. 13. basic requirement for survival
  8. 16. tools equipment factories
  9. 17. ability or capacity of a good or service to be useful and give satisfaction
  10. 19. good that lasts at least 3 years
  11. 21. work or labor performed by someone
  12. 23. markets in which productive resources are bought and sold
  13. 26. social science dealing with how people satisfy seemingly unlimited and competing needs and wants
  14. 29. simplified version of a complex concept or behavior expressed in the form of graph figure equation diagram
  15. 30. tool equipment or other good used to produce other goods and services
  16. 31. cost of next best alternative use of money time or resources
  17. 32. dividing work into a number of separate tasks to be preformed by different workers
  18. 33. apparent contradition between the high value and the low value of an item
  19. 34. good that lasts less than 3 years
  20. 36. market in goods and services and bought and sold
  21. 37. productive resources needed to produce goods land capital labor entrepreneurship
Down
  1. 1. a social movement that was aimed at promoting interests of consumers
  2. 2. sum of tangible estructuregoods that are scarce useful and tangable from one person to another
  3. 4. diagram representing all possible combinations of a good or service
  4. 7. assigned tasks to the workers regions or nations that can perform most efficiently
  5. 8. market economy in which private businesses can operate for a profit
  6. 10. measure of the amount of output produced in a specific time period
  7. 14. comparison of cost of an acting to its benefits
  8. 15. something we would like to have
  9. 18. monetary worth of a good or service as determined by the market
  10. 20. meeting place or mechanism through buyers and sellers to come together
  11. 22. increase in a nations total output of goods and services
  12. 24. alternative that must be given when one choice is made rather than another
  13. 25. economic product that is useful and transferrable
  14. 27. fundamental economic problem facing all societies
  15. 28. good intended for final use by consumers
  16. 35. people with all abilities and efforts