Ch 1-3 Review Crossword

5. , a condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants
7. , the hope of reward or the fear of punishment that encourages a person behave in a certain way
8. , producing the maximum possible output from the available resources
10. , statement about fact, can be supported or rejected by facts or reference
11. , the value of the best alternative passed up for the chosen item or activity
13. , most important economic decision maker, consisting of all those who live under one roof
14. , the level of satisfaction from consumption or sense of well-being
15. , a profit seeker who develops a new product or process and assumes the risk of profit or loss
18. , all resources are government owned, and production is coordinated by the central plans of the government
19. , an item you can see, feel and touch and that requires scarce resources to produce and satisfies human wants
20. , the concentration of productive efforts of individuals and firms on a limited number of activities
21. , the financial gain made in a transaction
22. , the means by which buyers and sellers carry out exchange
25. , something not physical that requires scarce resources to produce goods and services
26. , system shaped largely by custom or religion
28. , the part of the economy that involved transactions of individuals and businesses

1. , non-rival in consumption - goods that once produced are available to all, but non-payers are not easily excluded
2. , the total value of all final goods and services produced in an economy
3. , goods that are rival in consumption but exclusion is costly
4. , so called "gifts of nature" used to produce goods and services
6. , any human-made resource that is used to produce other goods and services
8. , the inputs used to produce the goods and services that people want.
9. , protects rights of inventors, creators and others to their new ideas and inventions
12. , statement that reflects someone's opinion, cannot be proven true or false
16. , goods and services are distributed according to consumer preferences
17. , cash transfers for retirees, the unemployed, and others with a work history and a record of contributions to the program
23. , the study of the behavior and decision making of entire economies
24. , the effort that a person devotes to a task for which that person is paid
27. , a business unit or enterprise formed by a profit-seeking entrepreneur who combines resources to produce goods and services