Across
- 3. seller increases the prices of goods
- 4. explains government decision-making as a result of the actions of individual
- 8. stock of resource
- 9. in short supply
- 10. law enforcement, national defense, and the rule of law.
- 16. income of individuals or nations after adjusting for inflation
- 18. price,
- 20. curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources.
- 22. developing result of accumulated knowledge and application in all techniques, skills, methods, and processes
- 24. tangible, human-made objects that a company buys or invests in and uses to produce goods
Down
- 1. quantity of a good that consumers are willing and able to purchase
- 2. the efficiency of production of goods or services expressed by some measure
- 5. materials, money, staff, and other assets necessary for effective operation.
- 6. expectations
- 7. technology, the number of suppliers, expectation of suppliers, feedback from consumers, increase in tax
- 11. reward for doing something
- 12. government in which most of the important decisions are made by state officials
- 13. the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy over a certain period of time.
- 14. ability to produce goods and services at a lower opportunity cost, not necessarily at a greater volume or quality.
- 15. metric that breaks down a country's economic output per person
- 17. quantity of payment
- 19. prices that can be charged for goods and services in a market.
- 21. lack of incentive to guard against risk where one is protected from its consequences
- 23. designate personal attributes considered useful in the production process.