micro chapter 1

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