ECONOMICS: Introduction
Across
- 3. The analysis of facts or data to establish scientific generalizations about economic behavior
- 5. The study how individuals and societies allocate their limited resources to satisfy their practically unlimited wants
- 7. The ability to take risk to combine economic resources to make new products or make innovations
- 9. The part of economics involving value judgments about what the economy should be
- 11. Man-made good used to produce other goods
- 13. Systems that bring buyers and sellers together to exchange goods and services
- 14. The part of economics concerned with the performance and behavior of the economy as a whole
- 15. A simplified diagrammatical or mathematical representation of a complex economic reality
- 17. The knowledge and skills that make a person productive
- 19. Non-material things which people derive a satisfaction (utility)
- 20. Human ability to produce
- 21. Natural resources
- 22. Physical(material) things from which people derive satisfaction (utility)
- 23. An assertion that can be tested and validated; it describes “what is”
- 25. The evaluation of whether the benefit of one more unit of something is greater than its cost
Down
- 1. An outcome where allocation of resources maximizes total output
- 2. the highest-valued alternative that must be sacrificed to something else
- 4. the limiting of one’s work to a particular area
- 6. The four factors of production: land, labor, capital, and entrepreneurial ability
- 8. Factors that motive a person to act of exert effort
- 10. A statement that cannot be tested; it describes what “ought to be”
- 12. “Other things being equal,” the concept under which economists examine a change in one variable while holding everything else constant.
- 16. Human behavior based on comparison of marginal costs and marginal benefits; behavior designed to maximize net benefits
- 18. The part of economics concerned with decision making by individual units, such as a household, firm, or industry
- 24. a purposeful evaluation of the available opportunities to make the best decision possible