Across
- 1. The situation in which unlimited wants exceed the limited resources available to fulfill those wants
- 3. The fair distribution of economic benefits
- 5. A simplified version of reality used to analyze real-world economic situations
- 8. The study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices
- 9. A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade
- 10. The situation in which a good or service is produced at the lowest possible cost
- 11. Financial or physical. FINANCIAL includes stocks, bonds issued by firms, bank accounts, and holdings of money. PHYSICAL includes manufactured goods that are used to produce other goods and services. Examples of PHYSICAL are: computers, factory buildings, machine tools, warehouses, and trucks
Down
- 2. An economy in which the government decides how economic resources will be allocated
- 4. The idea that because of scarcity, producing more of one good or service means producing less of another good or service
- 6. the highest-valued alternative that must be given up to engage in an activity
- 7. Activities done for others, such as providing haircuts or investment advice