Across
- 3. Because of scarcity, ____________ have to be made
- 4. manufactured materials used to create other goods or services
- 5. the study of choices that people make to satisfy their needs and wants
- 9. exists because there are limited resources and unlimited wants
- 11. For something to have __________, it must be scarce and have utility.
- 16. This is when developments in one area influence other areas
- 19. This can increase when there is specialization and a division of labor.
- 20. items provided by nature that can be used to produce goods & services
- 24. land, labor, capital, entrepreneurship
- 25. physical or mental effort used to produce goods & services
Down
- 1. when one good is sacrificed for another
- 2. Interdependence occurs because it is hard for people and societies to be ____________.
- 6. A leftward shift in the PPC means that there was a _________ in resources.
- 7. study of choices made by economics sectors such as households & companies
- 8. examines the behavior of entire economies
- 10. Improvements in technology cause a ___________ shift in the PPC.
- 12. organizational skills and risk taking involved in starting a new business or product
- 13. the value of the next best alternative that is given up to obtain the preferred item
- 14. Anything that people use to make or obtain what they need or want
- 15. stands for “There is no such thing as a free lunch”
- 17. Specialization & division of labor allows workers to become more ____________.
- 18. Credit cards, barter, and money are forms of ___________.
- 21. War, disease, and natural disasters cause a ___________ shift in the PPC.
- 22. Economic ____________ usually increases with specialization & a division of labor
- 23. the capacity to be useful and provide satisfaction