Basic Economics

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Across
  1. 8. a system in which answers to the basic economic questions are produced by the decisions of buyers and sellers freely exchanging goods and services in the marketplace
  2. 9. alternatives we give up when we choose one course of action over another
  3. 10. something people must have to survive, like air, food, and shelter
  4. 13. the limited amounts of resources to meet unlimited desires.
  5. 15. a cost that rises or falls depending on the quantity of good produced
  6. 17. the study of how people choose from limited resources to meet their needs and wants.
  7. 19. something that people would like to have but is not necessary for survival.
  8. 22. the amount of a good or service that is available to consumers
  9. 23. The benefit of adding one more unit of anything, such as one more hour of studying
  10. 25. Fixed and variable costs together
  11. 27. property owned by a person and not a government
  12. 31. Economists call the resources used to make goods and service
  13. 32. the cost of producing one more unit of a good
  14. 33. an economy is using resources in such a way as to maximize the production of goods and services
Down
  1. 1. work for which people receive pay.
  2. 2. occurs when a good or service is unavailable
  3. 3. are people who put together land, labor, and capital to create new businesses.
  4. 4. A nation’s economy must grow in order to improve its level of prosperity
  5. 5. the central government, rather than individual producers and consumers in markets, answers the key economic questions about production and consumption
  6. 6. objects, like cars and clothes
  7. 7. says that as the price of one good rises, people are likely to choose a substitute good
  8. 11. a cost that does not change, no matter how much the business produces
  9. 12. the method a society uses to produce and distribute goods and services
  10. 14. the struggle between producers for the dollars of consumers
  11. 16. What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?
  12. 18. an arrangement that allows buyers and sellers to exchange goods and services
  13. 20. the most desirable alternative given up.
  14. 21. which relies on custom to make most economic decisions
  15. 24. deciding about adding or subtracting one unit of a resource
  16. 26. the desire to own something and the ability to pay for it.
  17. 28. combining free markets with some government involvement.
  18. 29. actions that people do for others, such as teaching
  19. 30. a human-made resource used to produce other goods and services