Across
- 6. physical objects such as clothes or shoes
- 7. any human-made resource that is used to create other goods and services
- 8. a graph that shows alternative ways to use an economy's resources
- 11. an item that we desire but that is not essential to survival
- 12. the most desirable alternative given up as a result of a decision
- 13. goods that last
- 14. limited quantities of resources to meet unlimited wants
- 20. resources that are used to make goods and services
- 21. the skills and knowledge gained by a worker through education and experience
- 24. using fewer resources than an economy is capable of using
Down
- 1. the line on a production possibilities graph that shows the maximum possible output
- 2. a situation in which a good or service is unavailable
- 3. using resources in such a way as to maximize the production of goods and services
- 4. land, labor, and capital; the three groups of resources that are used to make all goods and services
- 5. to an economist, the alternative that is given up because of a decision
- 9. deciding whether to do or use one additional unit of some resource
- 10. the effort that people devote to a task for which they are paid
- 15. an alternative that we sacrifice when we make a decision
- 16. all human-made goods that are used to produce other goods and services; tools and buildings
- 17. an ambitious leader who combines land, labor, and capital to create and market new goods and services
- 18. a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods
- 19. the study of how people seek to satisfy their needs and wants by making choices
- 22. dollar value of a final product
- 23. actions or activities that one person performs for another
- 25. something like air, food, and shelter that is necessary for survival