Across
- 3. This factor of production refers to the people who start new businesses to make a profit
- 5. The study of how people use limited resources to fulfill unlimited wants
- 7. Economic theory that deals with the economy as a larger whole
- 9. A place (or not!) that allows buyers and sellers to exchange products/services.
- 11. Sacrificing one thing for another (2 words)
- 15. People want and/or need either a good or service
- 17. When you have a trade off, the value of the thing you did NOT choose (2 words)
- 19. Objects that satisfy wants and needs
- 21. Abbreviation that represents the $ value of all the goods and services produced in a country
- 22. On the PPC, the goal of all countries is to produce on the __.
- 23. War or destruction of resources would result in a country producing on the left or __ of the PPC.
Down
- 1. Actions that satisfy wants and needs
- 2. Abbreviation used in economics that represents the idea that everything has a cost because we have to make choices.
- 4. Abbreviation for the graph that shows all possible production of two goods using all resources
- 6. Economic theory that deals with the decision making of smaller units such as individuals and businesses
- 8. Factor of production made up of natural resources like rivers and metals
- 10. A hammer is an example because it is used to make other things (2 words)
- 12. Land, labor, capital, and entrepreneurship are the four __ (3 words)
- 13. Factor of production that includes any work that people do to produce goods or services
- 14. What is the basic problem of economics?
- 16. Things that are not necessary for survival
- 18. Things that are necessary for survival
- 20. A population increase would result in a country producing on the right or __ of the PPC.