Across
- 4. Occurs when a nations total output of goods and services increases over time
- 5. is the condition that results from society not having enough resources to produce all the things people would like to have
- 7. Adam Smith, our earliest economist, was one of the first to explain the essence of value in his famous book The Wealth of Nations, which was published in 1776
- 8. is a good intended for final use by individuals such as shoes, shirts, or automobiles
- 9. a useful, tangible item such as a book, car, or mp3 player, that can be used to satisfy a need or want.
- 11. is a basic requirement for survival, such as food, clothing, and shelter
- 14. is simply something we would like to have but is not necessary for survival
- 15. is one that lasts three years or more when used on a regular basis
- 16. consumers privately owned businesses rather than the government , make the majority of the WHAT, HOW, and For WHOM decisions
- 17. that began in the 1960’s the movement was an attempt to educate buyers about purchases they make and to demand better and safer products from producers
- 19. These are markets where producers sell their goods and services
- 20. a term that refers to a worth that can be expressed in dollars and cents
- 22. that refers to a worth that can be expressed in dollars and cents
- 23. work that is performed for someone else
- 27. risk takers in search of profit who do something new with existing resources
- 28. a simplified equation, graph, or figure that shows how something works
- 32. resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurs
- 33. takes place when factors of production perform only tasks they can do better or more efficiently than others
- 35. is an item that lasts for fewer than three years when uses on a regular basis
Down
- 1. We rely on others, and others rely on us, to provide most of the goods and services we consume
- 2. the monetary value of all final goods, services, and structure produced within country’s borders in a 12 month period
- 3. is a way of organizing work so that each worker or work group completes a separate part of the overall task
- 6. a way of comparing the benefits of action to the expected costs
- 10. is the study of how people try to satisfy seemingly unlimited and competing needs and wants through the careful use of relatively scarce resources.
- 12. the sum of peoples skills,abilites, health, knowledge and motivation
- 13. where all of the factors of production are bought and sold
- 17. sometimes called capital goods, the tools, equipment, machinery, and factories used in the production of goods and services
- 18. our quality of life based on the ownership of the necessities and luxuries that make life easier
- 21. People with all their efforts, abilities, and skills
- 24. the capacity to be useful and provide satisfaction
- 25. alternative choices that are given up in favor of the choice we select
- 26. is a good intended for final use by individuals such as shoes, shirts, or automobiles
- 29. A location or other mechanism that allows buyers and sellers to exchange a specific product
- 30. refers to the gifts of nature, or natural resources not created by people
- 31. the accumulation of products that are tangible, are scarce, have vitility, and are transferable from one person to another
- 34. A measure of the amount of goods and services produced with a given amount of resources in a specific period of time
- 36. the value of the next best alternative given up