Economics Chapter 1 vocab

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Across
  1. 2. risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production
  2. 7. good intended for final use by consumers other than businesses
  3. 8. natural resources or “gifts of nature” not created by human effort; one of the four factors of production
  4. 9. fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants
  5. 11. cost of the next best alternative use of money, time, or resources, when one choice is made rather than another
  6. 12. monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period
  7. 15. something we would like to have but is not necessary for survival
  8. 16. apparent contradiction between the high value of a nonessential item and the low value of an essential item
  9. 17. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
  10. 18. basic requirement for survival, including food, clothing, and shelter
  11. 19. monetary worth of a good or service as determined by the market
  12. 22. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
Down
  1. 1. good that lasts for at least three years when used regularly
  2. 3. item that wears out, is used up, or lasts for fewer than three years when used regularly
  3. 4. diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed
  4. 5. productive resources needed to produce goods; the four factors are land, capital, labor, and entrepreneurship
  5. 6. people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur
  6. 10. tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
  7. 13. work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment
  8. 14. tools, equipment, and factories used in the production of goods and services; one of the four factors of production
  9. 20. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
  10. 21. ability or capacity of a good or service to be useful and give satisfaction to someone