Economics Chapter 1 Vocabulary

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Across
  1. 1. fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited wants
  2. 4. sum of people’s skills, abilities, health, and motivation
  3. 6. ability or capacity of a good or service to be useful and give satisfaction to someone
  4. 9. not physical; something that cannot be touched
  5. 11. people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur
  6. 13. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
  7. 14. division of work into a number of separate tasks to be performed by different workers
  8. 16. monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period
  9. 18. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
  10. 19. risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production
  11. 22. gradual collection of goods
  12. 25. good intended for final use by consumers other than businesses
  13. 26. increase in a nation’s total output of goods and services over time
  14. 27. alternative that must be given up when one choice is made rather than another
  15. 29. cost of the next best alternative use of money, time, or resources when one choice is made rather than another
  16. 30. quality of life based on ownership of necessities and luxuries that make life easier
  17. 31. basic requirement for survival, including food, clothing, and shelter
  18. 32. item that wears out, is used up, or lasts for fewer than three years when used regularly
Down
  1. 2. tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
  2. 3. tools, equipment, and factories used in the production of goods and services; one of the four factors of production
  3. 5. markets in which productive resources are bought and sold
  4. 7. natural resources or “gifts of nature” not created by human effort; one of the four factors of production
  5. 8. measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production
  6. 10. apparent contradiction between the high value of a nonessential item and the low value of an essential item
  7. 12. something we would like to have but is not necessary for survival
  8. 15. market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
  9. 17. work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment
  10. 20. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
  11. 21. monetary worth of a good or service as determined by the market
  12. 23. good that lasts for at least three years when used regularly
  13. 24. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
  14. 28. meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global