Across
- 3. the condition that results because people have limited resources but unlimited wants
- 7. a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking
- 9. the branch of economics that uses objective analysis to find out how the economy actually works
- 10. the branch of economics that applies value judgments to data in order to recommend actions or policies. The goal is to advise how things ought to be done.
Down
- 1. anything used to produce an economic good or service
- 2. the exchange of one benefit or advantage for another that is thought to be better
- 4. something that motivates a person to take a particular course of action
- 5. The study of how people choose to use their limited resources to satisfy their unlimited wants
- 6. a puzzle or riddle that may be explained through economic analysis
- 8. A system used to manage limited resources for the production, distribution, and consumption of goods and services