Chapter 1 Economics Vocabulary

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Across
  1. 2. The extra cost of adding one unit
  2. 3. Actions or activities that one person performs for another
  3. 4. The most desirable alternative given up as a result of the decision
  4. 6. Natural resources used to produce goods and services
  5. 7. Study of how people seek to satisfy their wants and needs by making choices
  6. 8. The extra benefit of adding one unit
  7. 13. Things that are used to make goods and services
  8. 14. Person who decides how to combine other factors of production to produce new goods and services
  9. 16. A desire that is not necessary for survival
  10. 17. The use of resources in such a way as to maximize the output of goods and services
  11. 19. Man-made objects that you can touch and use to create other goods and services
  12. 20. Any man-made resource that is used to produce other goods and services
Down
  1. 1. The use of fewer resources than an economy is capable of using
  2. 3. Situation where producers cannot or will not produce the amount of goods consumers want at current prices
  3. 5. A graph that shows alternative ways to use a country's productive resources
  4. 9. The effort people devote to tasks for which they are paid
  5. 10. The act of giving up one benefit in order to gain another, better benefit.
  6. 11. Physical objects that someone produces
  7. 12. Something essential needed for survival.
  8. 15. Knowledge and skills a worker gains through education and experience
  9. 18. Limited amounts of goods and services are available to meet unlimited wants