Economics

3. Industry is publicly owned and a central authority makes production and consumption decisions
5. Refers to manufactured goods used to make other goods and services
7. The study of the costs and benefits of doing a little bit more of an activity versus a little bit less
9. Decisions by individuals about what to do, which necessarily involve decisions about what not to do
13. Establish ownership and grant individuals the right to trade goods and services with each other
14. Rewards or punishments that motivate particular choices
16. Make prescriptions about the way the economy should work
17. Describes the efforts of entrepreneurs in organizing resources for production, taking risks to create new enterprises, and innovating to develop new products and production processes
18. The study of scarcity and choice
20. Concerned with the overall ups and downs in the economy

1. The decisions of individual producers and consumers largely determine what, how, and for whom to produce, with the little government involvement in the decisions
2. When a resource is not available in sufficient quantities to satisfy all the various ways a society wants to use it
4. What you must give up in order to get an item
6. Economic measures tat summarize data across many different markets
8. The study of how people make decisions and how those decisions interact
10. The branch of economic analysis that describes the way the economy actually works
11. Anything that can be used to produce something else
12. Refers to all resources that come from nature, such as minerals, timber, and petroleum
15. A system for coordinating a society's productive and consumptive activities
19. The effort of workers