Across
- 4. The cost of giving up the next best alternative.
- 6. A good which is consumed by individuals or households to satisfy needs and wants.
- 7. A process that converts inputs into outputs of goods.
- 13. The problem of 'how best to make decisions about the allocation of scarce resources amongst competing uses'.
- 17. This results from the fact that people have unlimited wants but the resources to meet these wants are limited.
- 18. Resources, such as oil, which are scarce.
- 19. The man-made resources we use on a daily basis.
Down
- 1. A good which is used in the production of other goods and services.
- 2. The man power used in order to build society.
- 3. The problem of how to make the most of scarce resources between competing uses.
- 5. The natural resources we gather from the land we live on.
- 8. The basic economic problem that arises when people have unlimited wants but limited resources..
- 9. The economic well-being of an individual, a group within society or an economy.
- 10. The minimum which is necessary for a person to survive.
- 11. A value judgement that cannot be tested, proved or disproved.
- 12. Resources such as timber that with careful management can be renewed as it is used.
- 14. A statement that can be tested and which can always be proved or disproved.
- 15. Having a desire for the consumption of goods and services.
- 16. The entrepreneur provides the initial ideas, they risk their own resources in business ventures.