Economics Vocab

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Across
  1. 5. sum of tangible economic goods that are scarce, useful, and transferable from be person to another
  2. 7. "there is no such thing as a free lunch"
  3. 11. lack of resources in the production of products Society is demanding
  4. 13. work or labor
  5. 14. separation of work into a number of different tasks to be preformed by different workers
  6. 15. the study how people try to fill continuous demands with scarce resources
  7. 16. the ability for a product to be good and useful to the consumer
  8. 17. something that is not essential to survival, but many would still like to have it
  9. 18. cost of the next best alternative use of money, time, or resources making a choice.
  10. 20. economy where owned businesses have the freedom to operate for a profit with limited government intervention.
  11. 24. contradiction between a high priced item and Low priced one.
  12. 26. tools, equipment, factories used in the production of the final product; another word for money when raised selling stock
  13. 27. measured amount of output given specific factors
  14. 29. alternative choices
  15. 30. risk taking individual in search of profit; the starter of a business
  16. 31. "gifts of nature"; not created by man
  17. 32. Land, Labor, Capital, and entrepreneurs; all are important parts that contribute to make goods or services (3 words )
  18. 33. a product that does not last three years
  19. 34. first basic question to ask when making business decisions; "____ what to produce"
  20. 35. assignments of tasks to the workers, factories, regions, or nations that can perform them more efficiently.
  21. 37. a product that last for years when regularly used
Down
  1. 1. introduced the idea that the division of labor led to the great prosperity of Britain and defined the wealth of a nation as the same of the goods produced by the people.
  2. 2. the final basic question; deals with the receiver; "____ to produce"
  3. 3. a product intended for the buyer to use
  4. 4. during a one year period, a phrase meaning the value of all goods and services produced within that year. (3 words)
  5. 6. quality of life based on ownership of necessities and luxuries.
  6. 8. where factors are bought and sold
  7. 9. where goods and services are sold
  8. 10. diagram representing the maximum combinations of goods an economy can produce when all productive resources are fully employed.
  9. 12. a basic requirement to ensure ones survival
  10. 19. a simplified version of a complex concept or behavior expressed in the form of an equation, graph, or illustration.
  11. 21. meeting place that allows buyers and sellers to come together and do business
  12. 22. the second basic question, deals with production; "____ to produce"
  13. 23. change in a nations total output of goods and services
  14. 25. worth of the product
  15. 28. sum of people's skills, abilities, health, knowledge, and motivation
  16. 36. tangible economic product that is useful, rela qa
  17. 38. people with all their abilities to contribute to the work force