Basic Economic Concepts

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Across
  1. 4. The capacity to be useful and provide satisfaction.
  2. 6. Economies rely on other economies to provide goods and services.
  3. 9. An item that is economically useful or satisfies an economic want.
  4. 10. People with all their efforts, abilities, and skills.
  5. 12. Resources required to produce the things we would like to have.
  6. 15. Manufactures goods are used to produce other goods and services.
  7. 16. Work that is performed for someone.
  8. 17. The sum of skills, abilities, health, and motivation of people.
  9. 19. The accumulation of those products that are tangible, scare, useful, and transferable from one person to another
  10. 20. The money used to buy the tools and equipment in production.
  11. 23. The tools, equipment, machinery, and factories used in the production of goods and services.
  12. 24. Goods and services that are useful, relatively scarce, and transferable to others
  13. 25. The markets where productive resources are bought and sold.
Down
  1. 1. Takes place when work is arranged so that individual workers do fewer task than before.
  2. 2. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
  3. 3. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
  4. 5. Intended for final use by individuals.
  5. 6. 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.
  6. 7. A risk-taker in search of profits who does something new with existing resources.
  7. 8. The condition that results from society not having enough resources to produce all the things people would like to have.
  8. 11. The quality of life based on the possession of the necessities and luxuries that make life easier.
  9. 13. A measure of the amount of output produced by a given amount of inputs in a specific period
  10. 14. A way of expressing a need.
  11. 18. A basic requirement for survival.
  12. 21. Markets where producers sell their goods and services to consumers
  13. 22. Refers to the "gifts of nature", or natural resources not created by humans.