Economics Unit 1

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Across
  1. 6. / Sum of people's skills, abilities, health, and motivation
  2. 10. / Benefit until it is no longer scarce and benefit reaches its margin
  3. 12. / Economic product that is consumed collectively
  4. 14. / Investing on goods to recieve profit
  5. 17. / The ability of risk taking individuals to develop new products and start new businesses in order to make profits
  6. 19. / Relaxation or removal of government regulations on buisness activities
  7. 21. / The value of the next best alternative given up for the alternative that was chosen
  8. 22. / A system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best intrests
  9. 23. / Sacrificing one good or service to purchase or produce another
  10. 24. / Tools, equipment, and other manufactured goods used to produce other goods and services
Down
  1. 1. / A market to sell goods
  2. 2. / Degree to which productive resources are used effectively
  3. 3. / Assignment of tasks so that each worker performs fewer functions more frequently
  4. 4. / A system in which the government controls the factors of production and makes all decisions about their use
  5. 5. / Act of buyers and sellers freely and willingfully engaging in market transactions
  6. 7. / Extra cost of producing one additional unit of production
  7. 8. / Previously manufactured goods used to make other goods and services
  8. 9. / Government adding regulations to buisness activities
  9. 11. / The result once inputing resources to make goods
  10. 13. / Division of work into a number of seprate tasks
  11. 15. / Using resourses to ultimately result with a product which is refered to as the output
  12. 16. / Condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time
  13. 18. / Market where goods and services are offered for sale
  14. 20. / Giving money to a certain patent/company to later get a positive profit