Economics Key Vocabulary

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Across
  1. 4. The human-made objects used to create other goods and services
  2. 5. The cost added by producing one additional unit of a product or service.
  3. 7. Land, labor, and capital; the three groups of resources that are used to make all goods and services
  4. 10. The most desirable alternative given up as the result of a decision
  5. 15. The study of scarcity and choice
  6. 16. Basic requirements for human survival
  7. 17. A reward or other enticement that encourages a behavior
  8. 20. The development of skills in a specific kind of work; division of labor
  9. 21. A person who starts up and takes on the risk of a business
  10. 22. Market-based economic system with limited government involvement
  11. 23. An economic system in which resources are primarily owned and controlled by the private sector
  12. 24. Phrase coined by Adam Smith to refer to the self-regulating nature of a free marketplace.
  13. 26. The principle that people may decide what, when, and how they want to buy and sell
Down
  1. 1. The limited nature of society's resources
  2. 2. The value of a particular product compared to the amount of labor needed to make it.
  3. 3. The additional benefit associated with an action.
  4. 6. People who work to produce goods and services
  5. 8. The line on a production possibilities graph that shows the maximum possible output
  6. 9. The methods societies use to produce and distribute resources.
  7. 11. A penalty that discourages a behavior
  8. 12. Raw materials from nature that are used to produce goods
  9. 13. Desires that can be satisfied by consuming a good or service
  10. 14. An economy consisting of mostly subsistence agriculture.
  11. 18. The products and/or services that an organization produces
  12. 19. An economic system in which the government controls a country's economy.
  13. 25. The specific economic resources used in producing goods and services