Across
- 2. produced goods, such as factories, machinery, tools, computers, and buildings that can be used as inputs for further production
- 3. the condition in which our wants are greater than the limited resources available to satisfy those wants
- 5. anything from which individuals receive disutility or dissatisfaction
- 10. an abstract representation of the real world designed with the intent to better understand it
- 12. the branch of economics that deals with human behavior and choices as they relate to relatively small units: an individual, a firm, an industry, a single market
- 14. the science of scarcity; the science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants
- 15. the giving up of one thing for something else
Down
- 1. the dissatisfaction one receives from a bad
- 4. the branch of economics that deals with human behavior and choices as they relate to highly aggregate markets (e.g., the market for goods and services) or the entire economy
- 6. the work brought about by the physical and mental talents that people contribute to the production process
- 7. the satisfaction one receives from a good
- 8. exists when marginal benefits equal marginal costs
- 9. something that encourages or motivates a person to undertake an action
- 11. anything from which individuals receive utility or satisfaction
- 13. all natural resources, such as minerals, forests, water, and unimproved land