Across
- 3. The value of the next best alternative given up for the alternative that was chosen
- 5. A theory or simplified representation that helps explain and predict economic behavior in the real world.
- 6. The branch of the economics that deals with behavior and decision making by small units such as individuals and businesses
Down
- 1. The branch of economics that deals with the economy as a whole and decision making by large units such as governments
- 2. the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind
- 4. the management of the resources of a community, country, etc., especially with a view to its productivity
- 7. The Basic economic problem that results from a combination of limited resources and unlimited needs