Across
- 2. The human effort used in the production of goods and services.
- 4. The amount of goods or services producers are willing to make and sell.
- 5. The responsiveness of quantity demanded to a change in price.
- 7. A tangible item that satisfies human wants or needs.
- 9. The condition that arises because wants exceed resources.
- 11. The philosopher who wrote "The Wealth of Nations."
- 12. The point where the supply and demand curves intersect.
- 13. The term for natural resources used in production.
- 15. The tools and equipment used in production.
- 18. The agency responsible for managing the U.S. money supply.
- 19. The study of how people allocate scarce resources.
Down
- 1. The type of economy based on customs and traditions.
- 3. The person who takes risks to start a business.
- 4. The term for goods that are used in place of one another.
- 6. The value of the next best alternative forgone.
- 8. A graphical representation of the relationship between price and quantity demanded.
- 10. The economic system where the government makes all major decisions.
- 14. A situation where resources are not being used efficiently.
- 16. A payment made to workers in exchange for their labor.
- 17. The driving force behind competition and innovation in a free market.