Economics Final Review

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Across
  1. 3. something we would like to have but is not necessary for survival
  2. 4. Monetary worth of a good or service as determined by the market
  3. 5. Apparent contradiction between the high value of a nonessental item or the low value of a essential item
  4. 6. Tangible economic product that is useful, transferable to others, and used to satisfy needs
  5. 7. item that wears out, is used up or lasts for fewer than 3 years
  6. 9. Basic requirements for survival, including food, clothing, and shelter
  7. 12. Fundamental economic problem facing all societies resulting from a combination of scarce resources and people virtually unlimited needs and wants
Down
  1. 1. good consumers for final use by consumers other than businesses
  2. 2. Tool, equipment, or other manufactured goods used to produce other goods and services
  3. 8. work or labor performed by someone
  4. 10. good that lasts for 3 years that is used regularly
  5. 11. Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources