Across
- 1. fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited wants
- 4. sum of people’s skills, abilities, health, and motivation
- 6. ability or capacity of a good or service to be useful and give satisfaction to someone
- 9. not physical; something that cannot be touched
- 11. people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur
- 13. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
- 14. division of work into a number of separate tasks to be performed by different workers
- 16. monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period
- 18. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
- 19. risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production
- 22. gradual collection of goods
- 25. good intended for final use by consumers other than businesses
- 26. increase in a nation’s total output of goods and services over time
- 27. alternative that must be given up when one choice is made rather than another
- 29. cost of the next best alternative use of money, time, or resources when one choice is made rather than another
- 30. quality of life based on ownership of necessities and luxuries that make life easier
- 31. basic requirement for survival, including food, clothing, and shelter
- 32. item that wears out, is used up, or lasts for fewer than three years when used regularly
Down
- 2. tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
- 3. tools, equipment, and factories used in the production of goods and services; one of the four factors of production
- 5. markets in which productive resources are bought and sold
- 7. natural resources or “gifts of nature” not created by human effort; one of the four factors of production
- 8. measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production
- 10. apparent contradiction between the high value of a nonessential item and the low value of an essential item
- 12. something we would like to have but is not necessary for survival
- 15. market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
- 17. work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment
- 20. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
- 21. monetary worth of a good or service as determined by the market
- 23. good that lasts for at least three years when used regularly
- 24. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
- 28. meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global