Across
- 5. Goods and services produced using land, labor, and capital.
- 7. A person who organizes, manages, and takes on the risks of a business.
- 11. land, labor, capital, entrepreneurship
- 12. the skills and knowledge gained by a worker through education and experience
- 13. gifts of nature - air, soil, minerals, water, forests, plants, animals, birds, & fish.
- 15. Something put into a system, such as resources, in order to achieve a result.
- 16. Time and effort people devote to producing goods and services in exchange for wages.
- 17. tools, buildings, machines
- 18. the process of bringing together the three factors of production - natural resources, labor and capital
- 20. a social science that studies how individuals, firms, government, and nations, make choices using scarce resources to satisfy their unlimited resources
Down
- 1. Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
- 2. the ratio of the quantity and quality of units produced to the labor per unit of time
- 3. resource Resources, such as forests, fresh water, and fish that can be replaced as they are used.
- 4. money used to buy the tools and equipment used in production
- 6. Physical objects such as clothes or shoes
- 8. The result of using resources in a way that produces the maximum amount of goods and services.
- 9. How economists describe the tradeoff or opportunity cost between a nations mix of producing military and civilian goods
- 10. Quality of life based on ownership of necessities and luxuries that make life easier.
- 14. work that is performed for someone by someone else
- 19. resource a resource that cannot be replaced