Economics Unit 1 Review

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Across
  1. 4. producing the good or service you are best at
  2. 6. factor of production that includes all natural resources
  3. 9. an economic system in which individuals own the factors of production and make decisions based on their own personal needs and wants
  4. 10. the study of the behavior and decisions of individuals and businesses in markets
  5. 12. a graph showing the combinations of goods that an individual, firm, or economy is capable of producing
  6. 14. factor of production that includes manmade items required for completing a task or storing value
  7. 15. the condition that there is never enough of everything to fully satisfy all those who want it
  8. 16. evaluating the costs and benefits of a decision or change
  9. 17. what to produce? how to produce? for whom to produce?
Down
  1. 1. an economic system where customs, beliefs and traditions guide the production, distribution and consumption of goods and services
  2. 2. studies the structure and behavior of the wider economy
  3. 3. an economic system that combines elements of a market and command/planned economy
  4. 5. factor of production that includes workers/employees
  5. 7. factor of production that includes the person/people in charge of organizing the other factors of production
  6. 8. the framework for how a country chooses to answer the questions every economy must answer
  7. 11. the value of the next best alternative
  8. 13. an economic system where the government makes all decisions about what to produce and how to distribute goods and services