Across
- 2. Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
- 6. Division of work into a number of seperate tasks to be performed by different workers
- 8. Markets in which productive resources are bought & sold
- 9. Meeting place or mechanism through which buyers & sellers of an economic product come together; may be local, regional, national, or global
- 10. Good intended for final use by consumers other than businesses
- 12. ___ ___ Analysis - comparison of the cost of an action to its benefits
- 14. Risk-taking intividuals who introduce new products or services in search of profits; one of the 4 factors of production
- 16. ___ ___ Economy - market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
- 17. easure of the amount of output produced in a specific time period with a given amount of resources; normally rfters to labor, but can apply to all factors of production
- 19. Increase in a nations’s total output of goods and services over time
- 21. Natural recources or "gifts of nature" not created by human effort; one of the 4 factors of production
- 22. Basic requirement for survival, including food, clothing, and shelter
- 25. Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
- 27. Item that wears out, is used up, or lasts for fewer than three years when used regularly
- 28. Market in which goods and services are bought & sold
- 30. Sum of tangible economic goods that are scare, useful, and transferable from one person to another; excludes services
- 31. Tools, equipment, and factories used in the production of goods and services, one of the 4 factors of production
- 33. Good that lasts for at least 3 years when used regularly
- 34. Fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants
- 35. ___ __Living - quality of life based on ownership o necessities & luxuries that make life easier
- 37. Assignment of tasks to the workers, factories, regions or nations that can perform them most efficiently
Down
- 1. ___ ___curve - diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed
- 3. Tool, equipment or other manufactured good used to produce other goods and services; a factor of production
- 4. Productive resources needed to produce goods; the 4 factors are land, capital, labor, and entrepreneurship
- 5. Alternative that must be given up when one choice is made over another
- 7. Work or labor performed for someone; economic product that includes haircuts, home repairs, & forms of entertainment
- 11. Monetary value of all final gods, services, and structures produced within a country’s national borders during a 1 year period
- 13. Simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
- 15. Apparent contradiction between the high value of a nonessential item and the low value of an essential item
- 18. Sum of people's skills, abilities, health, & motivation
- 20. Mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation
- 23. Cost of the next best alternative use of money, time, or resources; when one choice is made rather than another
- 24. A social movement ithat was aimed at promoting the interests of consumers
- 26. Ability or capacity of a good or service and give satisfaction to someone
- 29. Monetary worth of good or service as determined by the market
- 32. People with all their abilities & efforts; one of the 4 factors of production, does not include the entrepreneur
- 36. Something we would like to have but is not necessary for survival