Across
- 2. What points on the PPC represent underutilization of resources?
- 4. What are the inputs used to produce goods and services, including land, labor, capital and enrepreneurship?
- 6. What term describes the condition where the demand for a resource exceeds its availabity?
- 9. What term represents the economic principle that quantifies the value of the best alternative foregone when making a decision?
- 10. What economic term describes resources that are not depleted through consumption?
- 11. What type of shift in the PPC indicates an improvement in resource quality or quantity?
- 12. What concept illustrates the maximum output of two goods given fixed resources?
Down
- 1. What term describes the ability of resources to move freely between different uses or locations?
- 3. What term refers to the market classification of goods that require investment to produce and are scarce?
- 5. What type of change refers to an increase in the effectiveness of the inputs used in production?
- 7. What economic concept encompasses the various costs associated with resource allocation decisions?
- 8. What concept reflects the necessity for individuals and societies to make choices due to resource limitations?