Across
- 3. The branch of economics that studies how people make decisions and how those decisions interact
- 4. The advantage conferred by the ability to produce more of a good or service with a given amount of time and resources
- 5. The study of scarcity and choice
- 8. The branch of economic analysis that is concerned with the overall ups and downs in the economy
- 9. The real cost of an item; what you must give in order to get it
- 10. The branch of economic anaylsis that makes prescriptions about the way the economy should work
Down
- 1. The branch of economic analysis that describes the way the economy actually works
- 2. The advantage conferred if the opportunity cost of producing the good or service is lower for another producer
- 6. In short supply; there is not enough of the resource
- 7. Illustrates the trade-offs facing in an economy that produces only two goods