Economic Principles Unit 1 Crossword

Edit Answers
12345678910111213141516171819
Across
  1. 3. the total satisfaction received from a choice
  2. 7. Your best choice depends on your other choices, external developments, and expectations about the future. When any of these factors change, your best choice might change.
  3. 8. a systematic error in thinking that affects people's judgment and decision making
  4. 9. the branch of economics that studies the broad economy, such as how an economy expands and contracts
  5. 10. A man-made good that is used to produce another good or service, becoming part of that good or service
  6. 12. our tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current benefits outweigh the current costs
  7. 14. Eg. Food, beverages, clothing, entertainment
  8. 15. individuals tend to value immediate rewards more heavily than future rewards, even when the future rewards may be more substantial
  9. 17. the next best alternative that you give up when you make a choice
  10. 19. Goods that can be used over and over to produce other goods and services
Down
  1. 1. individuals make decisions based on how an issue is presented, or “framed,” rather than on the facts presented
  2. 2. Decisions about quantity are best made incrementally. Break “how many” decisions down into a series of smaller, marginal decisions.
  3. 4. The correct spelling of your current economics teachers name
  4. 5. something, such as fear of punishment or desire for reward, that motivates a person to behave in a particular way
  5. 6. the natural, human, and capital resources that are available to make goods and services; also known as productive resources or inputs
  6. 9. the branch of economics that studies how individuals and firms make decisions
  7. 11. the condition created by unlimited human wants in the face of limited resources; the fundamental problem in economics
  8. 13. a simplified representation used to better understand real-life phenomena; one example is the production possibilities curve
  9. 16. the study of how individuals, firms, and governments make choices
  10. 18. a systematic error in thinking that affects people's judgment and decision making