Economics Unit 1

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Across
  1. 3. The limited availability of a commodity, which may be in demand in the market or by the consumers
  2. 6. A resource that encompasses the natural resources used in production
  3. 7. Things that you require to function such as food and water
  4. 8. Cost The value of the next highest valued alternative use of that resource
  5. 11. Possibilities Frontier A curve that illustrates the variations in the amount that can be produced of two goods which can be produced within the given resources
  6. 12. A business run by one person who takes on great financial risks
Down
  1. 1. Desires that can be satisfied by consuming a good, service, or leisure activity
  2. 2. The amount of physical, mental, and social effort used to produce goods and services in an economy
  3. 4. A situational decision that involves diminishing or losing one quality item in exchange for another
  4. 5. Anything that motivates a person to do something
  5. 9. Resources resources used to make goods and services (include land, labor, capital, and entrepreneurship
  6. 10. The wealth or financial strength of an individual or company