Economics Unit 1 Crossword

2. Possibilities Curve, A curve depicting all maximum output possibilities for two goods
3. The financial gain made in a transaction
5. Analysis, An examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
7. deciding how much more or less to do
8. Economy, An economy that has characteristics of both market and command economic systems.
11. the distribution of a limited quantity resources over various time periods.
12. The study of how people seek to satisfy their needs and wants by making choices.
13. Economy, Centrally planned economy with all economic and political power resting in the hands of the central government
14. Hand, The self-regulating nature of the marketplace.
16. Market Economy, Economy in which society's economic decisions are made by individuals deciding what to produce and buy.
19. Market, Market in which firms purchase the factors of production from households
21. natural resources
23. short supply

1. the willingness to take a financial risk
4. statements, Expresses a value judgment about whether a situation is desirable or undesirable.
6. Faire, Doctrine that the government generally should not intervene in the marketplace
9. statements, Objective statements that can be tested, amended or rejected by referring to the available evidence.
10. The alternative that is given up because of a decision
13. refers to financial wealth, especially that used to start or maintain a business
15. a compromise
17. The income generated from normal business operations and includes discounts and deductions for returned merchandise.
18. System, The method used by a society to produce and distribute goods and services.
20. Market, Where businesses go to purchase inputs needed for production.
21. a persons work
22. ability or capacity of a good or service to be useful and give satisfaction to someone