Unit 1: Basic economic concepts

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Across
  1. 4. If a point is on the PPC curve it is _____
  2. 6. Societies wants are unlimited but resources are limited
  3. 8. What you give up when making a decision is _____ cost
  4. 10. Producing according to comparative advantage
  5. 13. Subjective and value-based economics is ______ economics
  6. 14. _____ economy - has a public and private sector
  7. 15. ____ - private ownership and complete freedom of enterprise
  8. 16. If a point is outside the curve it is ____
  9. 17. Lost opportunities given up as a part of the decision is an ____ cost
Down
  1. 1. Objective and fact-based economics is _______ economics
  2. 2. Output reflects the wants and needs of consumers is ______ efficiency
  3. 3. When you produce a product in the least costly way possible it is ______ efficiency
  4. 5. What you spend, is an _____ cost
  5. 7. When one country has more goods than another country it has what type of advantage?
  6. 9. If a point is inside the PPC curve it is _____
  7. 11. If the government controls the economy, it is _________
  8. 12. Producer with the lowest per unit opportunity cost, is a ____ advantage