Economics Glossary Crossword

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Across
  1. 4. The cost of giving up the next best alternative.
  2. 6. A good which is consumed by individuals or households to satisfy needs and wants.
  3. 7. A process that converts inputs into outputs of goods.
  4. 13. The problem of 'how best to make decisions about the allocation of scarce resources amongst competing uses'.
  5. 17. This results from the fact that people have unlimited wants but the resources to meet these wants are limited.
  6. 18. Resources, such as oil, which are scarce.
  7. 19. The man-made resources we use on a daily basis.
Down
  1. 1. A good which is used in the production of other goods and services.
  2. 2. The man power used in order to build society.
  3. 3. The problem of how to make the most of scarce resources between competing uses.
  4. 5. The natural resources we gather from the land we live on.
  5. 8. The basic economic problem that arises when people have unlimited wants but limited resources..
  6. 9. The economic well-being of an individual, a group within society or an economy.
  7. 10. The minimum which is necessary for a person to survive.
  8. 11. A value judgement that cannot be tested, proved or disproved.
  9. 12. Resources such as timber that with careful management can be renewed as it is used.
  10. 14. A statement that can be tested and which can always be proved or disproved.
  11. 15. Having a desire for the consumption of goods and services.
  12. 16. The entrepreneur provides the initial ideas, they risk their own resources in business ventures.