economics Chapter one

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Across
  1. 2. alternative taht must be given up when one choice is made rather than another
  2. 7. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
  3. 9. Sum of tangible economic goods that are scarce, usefull and transferable from one person to another; excludes services
  4. 10. sum of people's skills, abilities, health, and motivation
  5. 12. fundamental economic problem facing all Societies resulting from a combination of Scarce resources and people's Virtually Unlimited needs and Wants
  6. 13. Natural resources or "gifts of nature" not, created by human effort, one of 4 factors of productivity
  7. 14. markets in which goods and services are bought and sold
  8. 15. division of work into a number of seperate tasks; to be performed by different workers
  9. 16. market economy in which privatly owned businesses have the freedom to operate for a profit with limited government intervention
  10. 17. Basic requirement for survival, including food, clothing, and shelter
  11. 18. of Production: Productive resources needed to produce goods; the four factors are land, capital, labor, and entrepreneuarship.
  12. 20. Monetary worth af a good or Service as determined by the marKet
  13. 21. Tool, equipment, or other manufactured good used to produce other manufactured good used to produce other goods and services; a factor of production
  14. 24. Monetary Value of all final goods, services, and Structures produced within a country's national borders during a one year period
  15. 28. meeting place or mechanism through which buyers and sellers of an economic product come together; may be local, regional, national, or global
  16. 29. Item that Wears out, is used up, or lasts far fewer than three years when used regularly
  17. 31. Work or labor preformed for someone; economic product that includes haircuts home repairs, and forms of entertainment
  18. 33. diagram showing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed
  19. 36. Good that lasts for at least three years when used regularly
Down
  1. 1. mutual dependence of the economic activities of one person, company, region, or nation
  2. 3. increase in a nation's total output of goods and services over time
  3. 4. Ability of capacity of a good or service (to be useful and give satisfaction to Someone)
  4. 5. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the Careful use of Scarce resources
  5. 6. assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently
  6. 8. quality of life based on ownership of necessities and luxuries that make life easier
  7. 11. people with all their abilities and efforts; one of the four factors of production (DOES NOT ENCLUDE ENTREPRENEUR)
  8. 18. markets in which productive resources are bought and sold
  9. 19. cost of the next best alternatice use of money, time, or resources when one choice is made rather than another
  10. 22. of Value: Apparent contradiction between the high value of nonessential items and the low value of an essential item
  11. 23. tools, equipment, and factories used in production of goods and services; on of the four factors of production
  12. 25. comparison of the cost of an action to its benefits
  13. 26. 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
  14. 27. Something we would like to have but is not necessary for survival
  15. 30. good intended for final use by consumers other than businesses
  16. 32. Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
  17. 34. risk taking individuals who introduce new products or services in search of profits; one of the facotrs of productions
  18. 35. a social movement that was aimed at promoting the interests of consumers