Across
- 2. diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed
- 5. increase in a nation’s total output of goods and services over time
- 7. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
- 9. good intended for final use by consumers other than businesses
- 11. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
- 14. tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
- 15. work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment
- 17. division of work into a number of separate tasks to be performed by different workers
- 19. something we would like to have but is not necessary for survival
- 20. good that lasts for at least three years when used regularly
- 21. item that wears out, is used up, or lasts for fewer than three years when used regularly
- 23. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
- 27. ability or capacity of a good or service to be useful and give satisfaction to someone
- 29. people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur
- 32. sum of people’s skills, abilities, health, and motivation
- 33. risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production
- 34. meeting place or mechanism through which buyers and sellers of an economic product to come together; may be local, regional, national, or global
- 35. market in which goods and services are bought and sold
- 36. market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
- 37. alternative that must be given up when one choice is made rather than another
- 38. a social movement that was aimed at promoting the interests of consumers
Down
- 1. market in which productive resources are bought and sold
- 3. basic requirement for survival, including food, clothing, and shelter
- 4. assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently
- 6. monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period
- 8. productive resources needed to produce goods; the four factors are land, capital, labor, and entrepreneurship
- 10. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
- 12. diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed
- 13. monetary worth of a good or service as determined by the market
- 16. quality of life based on ownership of necessities and luxuries that make life easier
- 18. natural resources or “gifts of nature” not created by human effort; one of the four factors of production
- 22. measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production
- 24. mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation
- 25. comparison of the cost of an action to its benefits
- 26. tools, equipment, and factories used in the production of goods and services; one of the four factors of production; does not include the entrepreneur
- 28. fundamental economic problem of meeting people’s virtually unlimited needs and wants with scarce resources
- 30. cost of the next best alternative use of money, time, or resources, when one choice is made rather than another
- 31. apparent contradiction between the high value of a nonessential item and the low value of an essential item