Economics Chp. 1.1 Vocabulary

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Across
  1. 2. good that lasts for at least three years when used regularly
  2. 5. Capable of being passed from one person to another
  3. 6. the monetary value of all final goods, services, and structures produced within a country’s borders in a 12-month period.
  4. 9. fundamental economic problem facing all societies resulting from a combination of limited resources and people's virtually unlimited needs and wants
  5. 10. Something we would like to have but is not necessary for survival
  6. 11. the capacity to be useful and provide satisfaction.
  7. 12. a contradiction where some necessities, such as water, had a very low monetary value. On the other hand, some nonnecessities, such as diamonds, had a very high value
  8. 13. is the accumulation of products that are tangible, are scarce, have utility, and are transferable from one person to another.
  9. 14. tangible economic product that is useful, transferable to others and used to satisfy wants and needs
  10. 16. is a basic requirement for survival, including food, clothing, and shelter
  11. 18. item that wears out, is used up, or lasts for fewer than three years when used regularly
  12. 19. unable to be touched or grasped; not having physical presence.
Down
  1. 1. the acquisition or gradual gathering of something.
  2. 3. a term that refers to a worth that can be expressed in dollars and centsmammal
  3. 4. is a tool or good such as machinery or equipment that is used by businesses to produce other products.
  4. 7. work that is performed for someone.
  5. 8. is a good intended for final use by customers other than businesses
  6. 15. complete; including all or nearly all elements or aspects of something.Accumulation gradual gathering of something.
  7. 17. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources