Chapter 1 Economics Vocab

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Across
  1. 2. How many scriptures translate the word 'economist'
  2. 6. Economics is the study of __________.
  3. 7. A tangible item with a measurable life span.
  4. 9. The study of individual units (such as individuals, families, or businesses)
  5. 10. A process that changes a nuisance good into an economic good.
  6. 11. A type of economics that is based off of research and results of the current markets.
  7. 12. A kind of good or service that has a negative economic cost
  8. 16. Satisfaction that a person loses any time they choose one item over another.
  9. 18. An intangible product is also known as a(n) ________
  10. 19. A type of economics that includes statements of opinion of how things SHOULD be.
  11. 20. The concept that everything is limited in quantity
  12. 21. It's value was debated in contrast of water
  13. 22. An imaginary unit of satisfaction
Down
  1. 1. Type of Good or service that has a price tag of zero, and no opportunity Cost for others in taking it
  2. 3. A common-sense science of how to allocate limited resources to satisfy unlimited wants
  3. 4. Worth determined by the usefulness to the buyer (based off of the situation)
  4. 5. The Father of the Austrian school of Economics, solving the Water-Diamond Paradox
  5. 8. Goods that have a pricetag higher than zero have a positive economic ________.
  6. 9. The study of large-scale choices (often at a national or global level)
  7. 13. Worth determined by the nature of the product itself (how rare, how much time to make, etc.)
  8. 14. benefit Satisfaction a person receives when making a choice
  9. 15. Usefulness
  10. 17. Menger claimed this could be more valuable than diamonds