Economics Chapter one

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Across
  1. 4. Invisible ____ theory is that people will naturally make decisions that benefit the economy
  2. 7. 18th century economist that invented the Invisible Hand Theory
  3. 9. When supply and demands are equal
  4. 10. conditions where unlimited wants face limited resources
  5. 11. economic _________; we rely on others, others rely on us (trade)
  6. 12. situation where some needs have little value and wants have higher value
  7. 14. _____ capital; money used to buy the goods used in production
  8. 15. an accumulation of goods that are tangible/transferable to one another
  9. 16. the three basic questions
Down
  1. 1. amount of output produced by a given inputs
  2. 2. _____ capital; sum of skills abilities health and motivation
  3. 3. factors of production do tasks efficiently
  4. 5. _____ of labor; individual workers do less tasks than before
  5. 6. land, labor, capital, and entrepreneurs
  6. 8. work performed for an individual
  7. 13. capacity to be useful