Adrianna Econ Ch1.2 vocab

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Across
  1. 2. the accumulation of those products that are tangible,scarce, useful, and transferable from one person to another
  2. 3. occurs when a nations total output of goods and services increases over time
  3. 5. a robot welder in a factory an oven in a bakery or a computer in high school
  4. 6. work that is performed for someone
  5. 9. product goods and services that are useful
  6. 13. where producers sell their goods and services to consumers
  7. 15. the sum the skills,abilities,health, and motivation of people
  8. 16. an item that is economically useful
  9. 17. takes place when the factors of production perform tasks that they can do relatively more efficiently than others.
  10. 18. a worth that can be expressed in dollars and cents
Down
  1. 1. necessities such as water have little monetary value where as non-necessities such as diamonds have a much higher value
  2. 4. we rely on others and others rely on us to provide services and good that we consume
  3. 7. are intended for final use by individuals
  4. 8. where productive resources are brought and sold
  5. 10. a measure of the amount of output produced with the same amount of inputs
  6. 11. a location or other mechanism that allows buyers and sellers to exchange a certain economic product
  7. 12. the capacity to be useful and provide satisfaction
  8. 14. takes place when work is arranged so that individual workers do fewer tasks then before