Across
- 3. according to the law of supply, when the price of a good or service increases, the quantity supplied tends to ____________
- 8. the income earned by individuals for their work or services
- 9. This branch of economics focuses on the economic behavior of individuals and small economic units
- 12. the value of the next best alternative that must be forgone when a choice is made
- 13. According to the law of demand, when the price of a good or service increases, the quantity demanded tends to
- 14. Land, labor, capital, and entrepreneurship
Down
- 1. this branch of economics studies the behavior of the national economy as a whole
- 2. natural resources like forests, minerals, and fertile soil
- 4. When factors other than price cause a change in demand, it is called a ____________ in demand
- 5. limited resources and unlimited wants
- 6. the human effort and skills used in the production of goods and services
- 7. the income earned by the factor of production "land"
- 10. This economic concept represents the quantity of a good or service that producers are willing and able to offer for sale at different prices
- 11. the innovator and risk-taker who combines the other factors of production to create and manage a business or enterprise
- 13. This economic concept represents the desire, willingness, and ability to purchase a good or service at a given price
- 15. machinery, equipment, and physical structures used to produce goods