Across
- 1. Goods, such as tools or machinery, used to produce consumer goods.
- 4. The cost of producing one item, A, expressed in terms of the numbers of another item, B, which must be given up to produce A (that is, A’s opportunity cost).
- 6. A method of study used to make discoveries in natural science and social sciences (such as economics) that has four steps: observation, data collection, explanation, and verification.
- 7. The study of the way society makes decisions about the use of scarce resources.
- 10. The use of a bare minimum of resources to achieve a desired end, such as consumption.
- 11. A positive relashionship between two variables where when one variable is increased the other variable also increases, and when one variable is decreased the other also decreases.
- 13. The value or benefit that must be given up to achieve something else. For example, by choosing to produce item A, a business gives up the benefit that it could have gained from producing item B using the same resources.
- 15. The usefulness, satisfaction, or benefit derived from each available option to help make a rational choice among them.
- 16. The branch of economics that deals with facts and direct observation of the world.
- 19. The branch of economics that deals with value judgements about economic subjects rather than facts and observations.
- 22. The sacrifice of one resource or production choice for another.
- 23. A hypothesis that has been proven false but is still accepted by many people because it appears to be true
- 24. The result, effect, or outcome of an action taken or the refusal to take an action.
- 26. As used in graphs, the point at which the vertical and horizontal axes meet.
- 27. A self-sustaining system in which many independent transactions in a society create distinct flows of money and products or services.
Down
- 2. The favouring of one available option over another in making a decision or choice.
- 3. A graphical representation of the production choices facing an economy.
- 5. Sciences, such as economics, history, and sociology, that study some aspect of human behaviour.
- 8. a fallacy where one believes what's good for the individual is good for everyone
- 9. A fallacy based on oversimplification, that a particular event has one cause rather than several causes.
- 12. A theoretical unit of satisfaction that a person gains from consuming an item.
- 14. A fallacy where one believes that what occurs before some event is logically the cause of it.
- 17. A negative relashionship between two variables where when one variable is increased the other decreases, and when one variable is decreased the other increase.
- 18. To use limited resources efficiently in production.
- 20. A person with a vested or personal interest (or stake) in an economic decision.
- 21. A particular use of resources that achieves a desired end, such as consumption.
- 25. goods or services that an economy produces to satisfy human needs.