Economics

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Across
  1. 4. Risk-taking individuals who introduces new products or services in search of profits; one of the four factors of production.
  2. 8. Cost of the next best alternative use of money, time, or resources, when one choice is made rather than another.
  3. 9. Tangible economic product that is useful, transferable, to others, and used to satisfy needs and wants.
  4. 11. Tools, equipment, and factories used in the production of goods and services; one of the four factors of production.
  5. 13. Work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment.
  6. 16. Good that lasts for at least three years when used regularly.
  7. 17. Productive resources needed to produce goods; the four factors are land, capital, labor, and entrepreneurship.
  8. 19. Item that wears out or lasts fewer than three years when used regularly.
  9. 20. A visual representation showing the relationship between the factor market (where income is obtained) and the product market (where income is used to make purchases).
Down
  1. 1. People with all their abilities and efforts; one of the factors of production; does not include the entrepreneur.
  2. 2. Fundamental economic problem of meeting people’s virtually unlimited needs and wants with scarce resources.
  3. 3. Social science dealing with how people satisfy seemingly unlimited needs and wants with scarce resources.
  4. 5. Basic requirement for survival, including food, clothing, and shelter.
  5. 6. Graph, figure, equation, or diagram used to describe how the economy is expected to perform in the future.
  6. 7. Something we would like to have but is not necessary for survival.
  7. 10. Tool, equipment, or other manufactured good used to produce other goods and services; a factor of production.
  8. 12. Natural resources or “gifts of nature” not created by human effort; one of the four factors of production.
  9. 14. Increase in a nation’s total output of goods and services over time.
  10. 15. Measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production.
  11. 18. Good intended for final use by consumers other than businesses.