micro chapter 1
Across
- 1. a simplified description of reality used to understand and predict the relationship between variables
- 4. one condition or event necessarily leads to another
- 5. type of economics that focuses on "what is"
- 6. natural resources used to produce a good or service; not just "dirt"
- 10. branch of economics that looks at "the trees instead of the forest"
- 12. also called inputs or factors of production
- 13. limited although not necessarily small in quantity
- 14. two events are noted as happening at the same time
Down
- 2. creative ability to take risks and seek profits by successfully combining all other resources
- 3. majored in economics
- 7. study of scarcity
- 8. does not produce goods and services
- 9. paribus all other factors held constant
- 11. a human-made good used to produce other goods and services