Terminology Crossword Puzzle

2. Graphical representation showing all possible combinations of quantities of goods and services that can be produced using the existing resources fully and efficiently in a given period of time
6. The amount of one good or service that must be given up to obtain one additional unit of another good or service, no matter how many units are being produced
10. Value of the next best alternative given up for the alternative that was chosen
11. Actions that can satisfy people’s wants or needs
12. All natural resources, such as minerals, timber, and water, as well as the land itself
13. anything that you would pay to get rid of
15. Resources of land, labor, capital and entrepreneurship used to produce goods and services
17. The giving up of one good or activity in order to obtain some other good or activity

1. products such as the machinery and equipment that are used in production
3. the means by which people choose the options that give them the greatest amount of satisfaction
4. the ability to produce a good or service at a lower opportunity cost than someone else
5. Ability of risk- taking individuals to develop new products and start a new business in order to make profits
7. the physical and intellectual services of people, including the training, education, and abilities of the individuals in society
8. Tangible (real) objects that can satisfy people’s wants or need
9. who can create the most goods and services in given period of time
14. The study of how individuals and societies make choices about ways to use scarce resources to fulfill unlimited wants
16. Condition of not being to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time