Ch 1 Lesson 2 Vocab Quiz

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Across
  1. 1. the time and effort people devote to producing goods and services in exchange for wages
  2. 4. the willingness and ability to take the risks involved in starting and managing a business
  3. 6. all the natural resources, including energy, that are used to produce goods and services
  4. 7. a measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input
  5. 8. physical articles that have been produced for sale or use.
  6. 10. 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. 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
  2. 3. the tools, machines, and buildings used to produce goods and services
  3. 5. the resources used to produce goods and services
  4. 9. work done by someone else for which a consumer, business, or government is willing to pay.