Intro to Economics - Andrews

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Across
  1. 3. all the tools, equipment, and machinery used to produce goods or provide services
  2. 6. the work performed by people in organizations
  3. 7. economic system where the government makes all economic decisions for its citizens
  4. 9. develops when demand is higher than the available resources
  5. 10. economic system where individuals are free to make their own economic decisions
  6. 13. consumers buy fewer goods at higher prices
  7. 15. economic system where both government and individuals make decisions about economic resources
  8. 16. action taken by two or more businesses attempting to attract the same customers
  9. 19. the willingness and ability to start a new business
Down
  1. 1. products businesses use to produce final products for consumers
  2. 2. decision-making process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives
  3. 4. includes all of a nation’s natural resources; raw materials found in nature
  4. 5. the economic resources a nation uses to make goods and supply services for its population
  5. 8. value of the next best option that was not selected
  6. 11. when something is given up in order to gain something else
  7. 12. science that examines how goods and services are produced, sold, and used
  8. 14. people who start businesses
  9. 17. organized way in which a nation chooses to use its resources to create goods and services
  10. 18. producers supply greater quantity at higher prices
  11. 20. economic system where decisions are based on a society’s values, culture, and customs