Across
- 1. the practical application of science to commerce and industry
- 4. a system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and services
- 6. the basic economic decisions are made according to long-established patterns of behavior
- 10. combining land, labor, and capital
- 11. the act of buying or using goods and services
- 12. example of a mixed economy
- 15. a system in which private individuals own the factors of production and are free to make their own choices about production, distribution, and consumption
- 16. anything produced that is used to produce other goods and services
- 18. renewable and nonrenewable resources
- 19. the difference between the total cost of production and the total revenues from buyers
- 20. to use your money to help a business get started or grow with the hope of earning a profit
Down
- 2. the highest valued benefit given up when a choice is made
- 3. resources are always limited compared with the number and variety of wants people have
- 5. the resources people have for producing goods and services to satisfy their wants
- 7. the government or a central authority owns or controls the factors of production and makes basic economic decisions
- 8. amount
- 9. time, energy, knowledge, and skills
- 13. example of a command economy
- 14. economic system that is a mixture of the three basic systems
- 17. example of a traditional economy