Economics Unit 1

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Across
  1. 6. The branch of economics that focuses on small scale decisions
  2. 7. The economic model showing the possible production of 2 goods and how producing more of one results in less of the other
  3. 9. Anything produced from resources for final consumption by consumers
  4. 12. Happens when an economy is not using all of its resources efficiently and production falls beneath the production possibilities frontier curve
  5. 13. The condition by which our wants will always exceed the resources available to satisfy them
  6. 15. The next best alternative that is given up whenever we make a decision
Down
  1. 1. The branch of economics that studies how entire economies function
  2. 2. The one resource that brings the other three together as it involves someone starting and operating a business
  3. 3. Happens when an economy is using all of its resource to maximum efficiency and is represented by a point directly on the production possibilities frontier curve
  4. 4. Anything that can be used in the production of goods or services
  5. 5. Simple economic model showing the 4 types of resources and the goods and services they produce
  6. 7. The tools and machines used in the production of goods and services
  7. 8. One of the outputs of the production Equation, this is where laborers do something for the consumer
  8. 10. The way in which a society decides to answer the 3 economic questions and distribute goods and services
  9. 11. The skills and knowledge that workers bring with them when doing their job
  10. 14. Results when an economy discovers new technologies or resources and is represented by an outward shift of the production possibilities frontier curve