Across
- 2. The worker and their skills, knowledge, and abilities
- 5. Natural resources
- 10. Desire, ability and willingness to buy a product
- 11. There is an inverse (opposite) relationship between a product’s price and the quantity demanded…P increases, Qd decreases and vice versa
- 12. Fundamental problem of economics: limited resources, unlimited wants
- 13. General increase in the price level
- 14. Usefulness or satisfaction
- 16. Social science that studies the choices individuals/societies/governments make when faced with scarcity
- 18. Additional or difference between two items
- 19. Factories, tools, equipment and machinery used to make goods & services
Down
- 1. Additional benefit of another unit of an activity
- 3. Value of the next best alternative given up when a choice is made
- 4. The risk taker who combines the other factors of production to make a ‘new’ good or service
- 6. Additional cost of another unit of an activity
- 7. Something done for you, for example Netflix streaming services
- 8. As price increases the quantity supplied increases and as the price decreases the quantity supplied decreases
- 9. Mnemonic device to help students remember what shifts the supply curve
- 15. Mnemonic device to help students remember what shifts the demand curve
- 17. The only thing that changes the Qd or the Qs of a product is a change in the __________ of the product itself.