Across
- 3. Sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
- 5. Apparent contradiction between the high value and the nonessential item and the low value of an essential item
- 9. Tools, equipment, or other manufactured goods used to produce other goods and services; a factor of production
- 10. Fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants
- 12. good intended for final use by consumers other than business
- 13. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
- 14. Work or labor performed for someone; economic production that includes haircuts, home repairs, and forms of entertainment
- 15. good that lasts for at least three years when used regularly
Down
- 1. Monetary worth of a good or service as determined by the market
- 2. basic requirement for survival, including food, clothes, shelter
- 4. something we would like to have but is not necessary for survival
- 6. Ability or capacity of a good or service to be useful and give satisfaction to someone
- 7. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
- 8. Monetary value of all final goods, services, and structures produced within a country's national borders during a one-year period
- 11. item that wears out, is used up or lasts for fewer than three years when used regularly