Economics Unit 1

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Across
  1. 3. Study of the large economy as a whole or in its basic subdivisions
  2. 4. The most desirable alternative given up as a result of a decision
  3. 5. All the alternatives that we give up whenever we choose one course of action over others
  4. 7. Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants
  5. 8. This consists of Land, Labor, Capital, and Entrepreneurship
  6. 9. The producer with the lowest opportunity cost
  7. 11. Making decisions based on the additional benefit vs. the additional cost
  8. 12. The method used by a society to produce and distribute goods and services.
Down
  1. 1. Study of small economic units such as individuals, firms, and industries
  2. 2. A model that shows alternative ways that an economy can use its scarce resources
  3. 6. The producer that can produce the most output OR requires the least amount of inputs (resources)
  4. 10. Condition in which our wants are greater than our limited resources