Fundamental Economics Vocabulary

123456789101112
Across
  1. 3. resources used to produce goods and services
  2. 4. individual or businesses concentrate on a single activity or an area of expertise when producing a good or service
  3. 5. system in which economic decisions are left up to producers and consumers
  4. 7. result of people having unlimited wants and limited resources
  5. 9. the way a country organizes economic activity and makes economic decisions
  6. 10. how individuals, businesses, and gov'ts choose to use limited resources to satisfy limited wants
  7. 12. what motivates individuals, businesses, and gov'ts to undertake or avoid an action
Down
  1. 1. value of the next best choice that is given up when making a choice
  2. 2. economic system in which both gov't and individuals play important roles in production and consumption;most common type of economy
  3. 6. system in which decision about production and consumption are made by a central authority or gov't
  4. 8. what to produce? how to produce? for whom to produce?
  5. 11. distribution of goods