Econ Fundamentals 1

1. The condition that exists when unlimited wants exceed limited productive resources
4. Limited availability that is temporary in nature.
5. The study of efficiency in the production and exchange of goods and services
6. Innovator or business leader who decides how to combine, land, labor and capital resources to create goods and services (clue: this term appears twice in this crossword).
9. The separation of a work process into a number of tasks, with each task performed by a separate person or group (3 words).
10. The ability to avoid wasting materials, energy, efforts, money, and time in doing something.
13. Man-made goods, tools, machinery or resources used to produce a good or service.
14. Study of the behavior of individual consumers, businesses and producers.
15. An individual who identifies a need in the marketplace, works to fulfill it, and assumes the risk of doing so.
16. Describes what is sacrificed to get something else (clue: includes hyphen).
20. The process wherein an individual, company, or nation focuses their resources and labor on a specific area of expertise or type of production.
21. Resource or effort that people contribute to bring a product or service to market.
22. Resource that can replenish itself at the rate it is used.
23. Something that you can use or consume, like food, phones, books, cars or clothes.
24. The value of your second place choice–the thing or opportunity that you did not choose.

2. Divide, distribute, divvy or share.
3. Study of the overall economies on a regional, national, or international scale.
7. The inputs used in the production of goods & services (2 words).
8. Resource that has a limited supply and cannot replenish itself at the rate it is used.
11. Adjective describing something that is both desirable and of limited supply.
12. The natural resource used to bring a good or service to market. Think “Gifts of Nature”.
17. Something that someone does for you, like give you a haircut, balance your book (ex: an accountant) or fix you dinner.
18. An economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners (2 words).
19. Synonym of "Productive Resources" (3 words).