Chapter 1 Section 1 The Basic Problem in Economics

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Across
  1. 4. The amount of output(goods and services)that result from a given level of inputs(Land, labor, capital, entrepreneurship)
  2. 8. Land,labor,capital,entrepreneurship, technology
  3. 10. Doctors, hair stylists, mechanics
  4. 13. Resources of land, labor, capital, and entrepreneurship used to produce goods and services
  5. 15. Goods and services
  6. 16. The ability of individuals to start new businesses to introduce new products and services. About 30% of new business enterprises fail.
  7. 17. Tangible objects that can satisfy people's wants or needs
  8. 20. Food, water, clothing, and shelter
  9. 21. The manufactured goods used to make other goods and services.
Down
  1. 1. Any use of land, labor, and capital that produced goods and services more efficiently.
  2. 2. Tools, machines,
  3. 3. The ecoonmy as a whole and decision making by governments.
  4. 5. Includes fish, animals, and forests
  5. 6. Anything other than what people need for basic survival.
  6. 7. The study of how individuals and societies make choices about ways to use scare resources to fulfill their wants
  7. 9. Computerized word processing was a technological advance over the typewriter.
  8. 10. A human resource. Anyone who works to produce goods or services.
  9. 11. Condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time.
  10. 12. Behavior and decision making by small units such as individuals and firms.
  11. 14. Natural resources present without human intervention.
  12. 18. Actions that can satisfy people's wants or needs
  13. 19. Things that people require to survive.