Across
- 3. A factor of production; any human input used in production (e.g Farmers, Factory Workers)
- 7. Something that we desire but do not need (e.g Watch, Phone)
- 9. The difference between selling price of a product and the cost of bought in materials; allows businesses to make profits.
- 10. The economic problem in which limited resources are not able to satisfy individuals' unlimited wants.
- 11. Specialization is efficient and allows workers to have less strain. Advantage or Disadvantage?
- 12. The next best alternative given up in a choice.
Down
- 1. A factor of production; any man-made good that helps the production process (e.g Machines, Trucks)
- 2. When the production process is separated so that workers can concentrate on what they are best at, maximizing efficiency.
- 4. A factor of production; someone that coordinates the other factors of production and takes the risks involved in production (e.g CEO, Manager)
- 5. I could get a new car or go on holiday. I choose the car. What is the opportunity cost?
- 6. A factor of production; any natural resource used to produce goods or services (e.g Oil, Natural gases)
- 8. An essential good or service (e.g Food, Water)