Across
- 5. the resources used to produce goods and services. Economists define these resources as land, labor, and capital.
- 6. 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
- 8. a measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input
Down
- 1. physical articles that have been produced for sale or use. Three examples are food, clothing, and cars
- 2. 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
- 3. the willingness and ability to take the risks involved in starting and managing a business
- 4. work done by someone else for which a consumer, business, or government is willing to pay.
- 7. the tools, machines, and buildings used to produce goods and services