Econ Ch. 1-2 review

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Across
  1. 1. ____ economics: branch that applies value judgments to data
  2. 3. Resources that are widely available and in no danger of being used up
  3. 4. Resources that, with careful planning, can be replaced as they are used
  4. 5. Another term for the factors of production
  5. 11. Exchange of one benefit for another that is thought to be better
  6. 15. Permanent condition that results because of limited resources
  7. 16. In this role, an entrepreneur makes key decisions
  8. 18. The time and effort people devote to producing goods and services in exchange for wages
  9. 19. a factor that encourages or motivates a person
  10. 20. _____ coordinate trade: bring together buyers and sellers
  11. 24. _____ utility: the extra satisfaction or pleasure one gets from consuming an additional unit of a good or service
  12. 25. Thinking at the _______: most decisions are about a little more or less of something
  13. 27. work done by someone else for a consumer
  14. 28. The satisfaction or pleasure one gets from consuming or using a product
  15. 31. all of the resources used to produce goods and services
  16. 32. Gifts of nature that are used to produce goods and services
  17. 33. In this role, an entrepreneur provides the energy for a new idea
  18. 34. _____ consequences count: our decisions today have impacts down the line
Down
  1. 2. the value of the next best alternative that is given up
  2. 3. an economic model that shows all possible combinations of two goods
  3. 6. A temporary lack of something that is desired at a certain price
  4. 7. Smith's metaphor for a free market system
  5. 8. ____ of Nations: Smith's book
  6. 9. He is the father of modern economics
  7. 10. a way to compare the advantages and disadvantages of an action
  8. 12. tools and machines used to produce goods and services
  9. 13. Resources that, once they are used, are gone forever
  10. 14. System used to manage limited resources
  11. 17. Study of how people choose to use limited resources to satisfy unlimited wants
  12. 21. Fourth category of resources needed to put land, labor and capital together
  13. 22. a measure of the efficiency of production of goods and services
  14. 23. _______ behavior model: how human's make decisions
  15. 26. Physical articles that have been produced for sale or use
  16. 29. _____ makes people better off: don't try to make everything for yourself!
  17. 30. ____ economics: branch that describes how things are