Intro to Economics

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Across
  1. 1. the development of skills in a specific kind of work
  2. 4. the products and/or services that an organization produces
  3. 5. phrase coined by Adam Smith to refer to the self-regulating nature of a free market
  4. 7. the cost that is the most desirable alternative given up as the result of a decision
  5. 8. the study of scarcity and choice
  6. 9. the methods societies use to produce and distribute resources
  7. 11. an economic system in which the government controls a country' economy
  8. 13. resources that are raw materials from nature used to produce goods
  9. 16. people who work to produce goods and services
  10. 17. a market based economic system with limited government involvement
  11. 18. the specific economic resources used in producing goods and services
Down
  1. 2. the frontier or line on a graph that shows maximum possible output
  2. 3. land, labor, and capital; the three groups of resources that are used to make all goods and services
  3. 6. an economy that consists of mostly subsistence agriculture
  4. 10. the limited nature of society's resources
  5. 12. a person who starts up and takes on the risk of a business
  6. 14. the human-made objects used to create other goods and services
  7. 15. an economic system in which resources are primarily owned and controlled by the private sector