Across
- 2. Tools, machines, and buildings used to produce goods and services
- 8. a simple model of an economy that shows all the combinations of two goods that can be produced with the resources and technology currently available
Down
- 1. Willingness and ability to take the risks involved in starting and managing a business
- 3. factors of productionthe resources used to produce goods and services. Economists define these resources as land, labor, and capital.
- 4. Measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input
- 5. servicework done by someone else for which a consumer, business, or government is willing to pay. Three examples are teaching, gardening, and childcare.
- 6. The value of the next best alternative that is given up when making a choice; a measure of what you must give up to get what you want
- 7. Physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.