Economics Unit 1 Review

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Across
  1. 3. Tools, equipment, and factories used in production.
  2. 6. Inputs used to produce goods and services.
  3. 8. Not enough resources to produce everything people want.
  4. 12. Basic requirements for survival, such as food, water, and shelter.
  5. 14. Human effort used to produce goods and services.
  6. 15. The four categories of resources: Land, labor, captial, and entrepreneurship
  7. 16. Things people desire that are not essential to survival.
  8. 19. The way a society organizes the production, distribution, and consumption of goods and services.
  9. 20. The initiative to combine land, labor, and capital to create goods and services.
Down
  1. 1. The study of how poeple choose to use limited resources to satisfy unlimited wants.
  2. 2. All the alternatives given up when one choice is made over another.
  3. 4. A benefit or reward that encourages people to act in a certain way.
  4. 5. Natural resources used in production
  5. 7. The value of the next best alternative given up when a choice is made
  6. 9. A decision-making process that compares the costs and benefits of different choices.
  7. 10. Examining the additional benefits of an activity compared to the additional costs incurred by that same activity.
  8. 11. Physical objects that satisfy needs or wants.
  9. 13. A measure of output per unit of input
  10. 17. Using resources to maximize production
  11. 18. Actions or activities one person performs for another.