Economics Ch 1 Review

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Across
  1. 1. these economists just observe and make predictions
  2. 6. when consumers want more of a good than producers are willing to make at an available price (does not always exist)
  3. 7. this type of incentive impacts your relationship with others
  4. 8. this branch of economics focuses on choices at the national or international level
  5. 11. this type of incentive appeals to your sense of right and wrong
  6. 14. something basic required for survival
  7. 18. cost-__________ analysis: a decision making process where you consider what you will sacrifice and gain by making a particular choice
  8. 19. these economists try to change choices being made
  9. 20. someone who takes risk and combines other factors of production to create a product
  10. 22. _______ cost: the extra cost of adding one more unit
  11. 23. that which is given up when a choice is made
  12. 24. this type of incentive impacts your finances
  13. 27. unable to be satisfied
  14. 28. this branch of economics focuses on individuals, households, people, and individual businesses
Down
  1. 2. this type of value changes based on usefulness
  2. 3. law of _________ marginal returns: there is always a point where the benefit per unit of adding more units decreases
  3. 4. physical objects that meet wants or needs
  4. 5. a factory is an example of this factor of production
  5. 9. ________ cost: the value of the next best alternative
  6. 10. the act of giving up one benefit to gain another
  7. 12. a crop of watermelons is an example of this factor of production
  8. 13. actions or activities that meet wants or needs
  9. 15. this type of value doesn't change and is based on what the thing is
  10. 16. something we desire but it is not necessary
  11. 17. capital made up of people's skill and experience used to make products or services
  12. 20. the study of choices made by individuals, businesses, and governments, and the consequences of those choices
  13. 21. situation caused by limited resources but unlimited wants and needs (always exists)
  14. 25. something with value that results from a choice
  15. 26. a doctor treating patients is an example of this factor of production