Mason Meyer Economy Ch.1.2 Vocab

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