Economics

7. Developing new ideas, methods, or products that increase productivity.
9. A basic economic condition that means limited resources must meet unlimited wants.
10. Education, training, and skills that improve a person’s ability to earn income.
13. Banks and credit unions that channel funds from savers to borrowers.
14. The risk-taking and innovation involved in starting and operating a business.
15. An economy where prices and production are mainly determined by supply and demand.

1. What is given up when a choice is made.
2. The idea that buyers determine what goods and services are produced.
3. Rivalry among producers that leads to better quality and lower prices.
4. A measure of how efficiently goods and services are produced.
5. An economic system combining private ownership with some government involvement.
6. A fundamental principle of the U.S. economy that allows individuals to own resources.
8. Goods and services like roads and schools that the government provides.
11. A general increase in prices over time.
12. The nation’s central bank that regulates the money supply.