Basic Economic Concepts

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Across
  1. 6. The accumulation of those products that are tangible, scare, useful, and transferable from one person to another
  2. 7. A measure of the amount of output produced by a given amount of inputs in a specific period
  3. 11. A way of expressing a need.
  4. 12. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
  5. 15. The dollar value of all final goods and services, and structures produced within a country's borders in a 12-month period
  6. 16. Markets where producers sell their goods and services to consumers
  7. 17. People with all their efforts, abilities, and skills.
  8. 18. The sum of skills, abilities, health, and motivation of people.
  9. 19. A location or other mechanism that allows buyers and sellers to exchange certain economic products
  10. 20. A basic requirement for survival.
  11. 22. Refers to the "gifts of nature", or natural resources not created by humans.
  12. 23. Intended for final use by individuals.
  13. 25. The tools, equipment, machinery, and factories used in the production of goods and services.
Down
  1. 1. Takes place when work is arranged so that individual workers do fewer task than before.
  2. 2. A risk-taker in search of profits who does something new with existing resources.
  3. 3. An item that is economically useful or satisfies an economic want.
  4. 4. The markets where productive resources are bought and sold.
  5. 5. Goods and services that are useful, relatively scarce, and transferable to others
  6. 8. The capacity to be useful and provide satisfaction.
  7. 9. Economies rely on other economies to provide goods and services.
  8. 10. Resources required to produce the things we would like to have.
  9. 13. Manufactures goods are used to produce other goods and services.
  10. 14. The condition that results from society not having enough resources to produce all the things people would like to have.
  11. 21. The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.
  12. 24. Work that is performed for someone.