Across
- 4. tools, equipment, and factories used in the production of goods and services; one of four factors of production
- 7. natural resources or "gifts of nature" not created by human effort; one of four factors of production
- 9. people with all their abilities and efforts; one of the four factors of production, does not include the entrepreneur
- 10. basic requirement for survival; includes food, clothing, and/or shelter
- 11. measure of the amount of output produced with a given amount of productive factors normally refers to labor, but can apply to all factors of production
- 13. risk-taking individual in search of profits; one of the four factors of production
- 15. tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
- 16. fundamental economic problem facing all societies that results from a combination of scarce resources and people's virtually unlimited wants
Down
- 1. ability of capacity of a good or service; form of a benefit tax
- 2. worth of a good or service as determined by the market
- 3. something we would like to have but that is not necessary for survival
- 5. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
- 6. work or labor performed by someone; economic product that includes, haircuts, home repairs, forms of entertainment
- 8. dollar value of all final goods, service, and structures produced within a country's national borders during a one-year period
- 12. meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, regional, national, or global
- 14. social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources