Scarcity and Factors of Production

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Across
  1. 2. ________ Capital is the knowledge and skills a worker gains through education and experience
  2. 3. the effort that people devote to a task for which they are paid
  3. 5. Any human made resource (money, tools, equipment)
  4. 6. things like air, food, shelter (necessary for survival)
  5. 9. _____ Capital includes all human made goods used in the production of other goods and services
  6. 11. physical objects such as shoes and shirts.
  7. 12. A situation in which unlimited wants exceed the limited resources available to fulfill those wants
  8. 13. is the study of how people seek to satisfy their needs and wants by making choices
  9. 14. 3 Basic ________ every society has to answer to determine their economic system
Down
  1. 1. risk-takers who combine the land, labor and capital into new products
  2. 4. society's limited natural resources
  3. 7. _______ Cost - loss of potential gain from other alternatives when one option is chosen
  4. 8. Things we desire, but isn't essential to survival
  5. 10. In economic terms, There Is No Such Thing As ____
  6. 15. actions of activities that one person performs for another