Across
- 3. exchanging something for something else
- 5. a social science that studies how people, acting individually and in groups, decide to use scarce to satisfy their wants
- 6. the physical or mental efforts people use to create goods and services
- 7. a positive difference between total sales and total costs
- 12. the extra or additional costs or benefits of a decision
- 14. as known as a loss
- 16. using a product or service to consumers
- 18. the imagination, innovative thinking, and management skills needed to start and operate a business
- 19. an inequality that exists between wants and the resources available to satisfy them
- 20. a process that combines economic resources so the result is a good or service that is available for sale
- 21. relates to fines or punishment
Down
- 1. positive rewards for making some kind of choice or behaving in a certain way
- 2. what economists called land,labor, and capital resources
- 4. buildings, tools, and machines people create and use to produce final goods and services
- 8. the study of individual consumers and businesses
- 9. the highest valued alternative given up as a result of making a choice
- 10. the study of the economy as a whole
- 11. the process of getting a product or service to consumers
- 12. an arrangement that allows buyers and sellers to make exchanges
- 13. has natural resources such as soil, minerals, timber, and fresh water
- 15. economy an economy that relies on voluntary trade as the primary means of organizing and coordinating production
- 17. as known as a gain