Logan Steele Econ Ch 1.2 Vocabulary

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Across
  1. 3. what takes place when work is arranged so that the individual workers do fewer tasks than before
  2. 5. is a measure of the amount of output produced by a given amount of inputs in a specific period of time
  3. 8. the capacity to be useful and provide satisfaction
  4. 9. the markets where productive resources are bought and sold
  5. 12. when a nations total output of goods and services increases over time
  6. 15. goods and services that are useful, relatively scarce, and transferable to others
  7. 16. a location or other mechanism that allows buyers and sellers to exchange a certain economic product
  8. 17. refers to the worth that can be expressed is dollars and amounts
  9. 18. what happens when factors of production preform tasks that they can do relatively more efficiently than others
Down
  1. 1. means that we rely on others and others rely on us to provide goods
  2. 2. contradiction between necessities and value
  3. 4. work that is performed for others
  4. 6. an item that is economically useful
  5. 7. is the accumulation of products that are tangible, useful, and transferable
  6. 10. is intended for final use by individuals
  7. 11. where producers sell their goods and services to customers
  8. 13. when manufactured goods are used to produce other goods and services
  9. 14. the sum of the skills, abilities, and health of people