Across
- 3. a way of expressing needs.
- 6. free _________ system – an economic system characterized by private ownership of businesses operated for profit with economic freedom for both consumers and producers
- 8. _________ of production – the resources needed to produce goods and services, including land, labor, capital, and entrepreneurship
- 9. _________ cost – the value of goods and services that are given up in order to obtain an alternative good or service
- 10. a basic requirement for survival
- 11. _____ good is one for which the choice of one use does not require that we give up another
Down
- 1. the condition in which there are not enough resources available to produce everything that individuals demand
- 2. ____________ flow model – a visual representation showing the relationship between the factor market and the product market
- 4. _______ good is one for which the choice of one alternative requires that another be given up
- 5. supplies of something of value
- 7. ________ system – a process created to manage the production, consumption, and distribution of goods and services