Across
- 3. economy - economy that relies on voluntary trade as the primary means of organizing and coordination production.
- 4. - are positive rewards for making some kind of choice or behaving in a certain way.
- 8. - means that an inequity exists between wants and the resources available to justify them.
- 10. - exchanging something for something else.
- 11. - the imagination, innovative thinking, and management skills needed to start and operate a business.
- 13. - natural resources are unaltered gifts of nature, such as soil, minerals, timber, and fresh water
- 16. - a process that combines economic resources so the result is a good or service that is available for sale.
- 17. - using a product or service, completes the want-satisfaction chain.
- 18. - human resources/ labor the physical and mental efforts people use to create goods and services.
- 20. - social science that studies how people, individually acting in groups, decide to use scarce to satisfy their wants.
- 22. - study of individual consumers and businesses
Down
- 1. - often relate to such things as fines or punishment.
- 2. - positive difference between total sales and total costs.
- 5. of production - land, labor, and capital resources
- 6. - the extra costs or benefits of a decision
- 7. the process of getting a product or service to consumers.
- 9. - the study of economy as a whole
- 12. - their gains
- 14. - an arrangement that allows buyers and sellers to make exchanges.
- 15. resources are the buildings, tools, and machines people create and use to produce final goods and services.
- 19. cost - the highest valued alternative given up as a result of making a choice.
- 21. - losses