Microeconomics Unit 1

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Across
  1. 7. Necessary due to scarce resources
  2. 8. A statement that can be tested against the facts
  3. 10. Economists usually believe people behave this way
  4. 11. A factor of production
  5. 12. The study of parts of the economy
  6. 13. Cost which is the next best alternative forgone
  7. 15. Type of judgments about what is right or wrong
Down
  1. 1. Costs which do not vary with output
  2. 2. Type of economy of scale
  3. 3. Economics is this sort of science
  4. 4. Type of goods used to make other goods
  5. 5. Making a variety of products
  6. 6. Time period when at least one factor is fixed
  7. 9. These are unlimited
  8. 14. Sector independent of government