Across
- 4. The human-made objects used to create other goods and services
- 5. The cost added by producing one additional unit of a product or service.
- 7. Land, labor, and capital; the three groups of resources that are used to make all goods and services
- 10. The most desirable alternative given up as the result of a decision
- 15. The study of scarcity and choice
- 16. Basic requirements for human survival
- 17. A reward or other enticement that encourages a behavior
- 20. The development of skills in a specific kind of work; division of labor
- 21. A person who starts up and takes on the risk of a business
- 22. Market-based economic system with limited government involvement
- 23. An economic system in which resources are primarily owned and controlled by the private sector
- 24. Phrase coined by Adam Smith to refer to the self-regulating nature of a free marketplace.
- 26. The principle that people may decide what, when, and how they want to buy and sell
Down
- 1. The limited nature of society's resources
- 2. The value of a particular product compared to the amount of labor needed to make it.
- 3. The additional benefit associated with an action.
- 6. People who work to produce goods and services
- 8. The line on a production possibilities graph that shows the maximum possible output
- 9. The methods societies use to produce and distribute resources.
- 11. A penalty that discourages a behavior
- 12. Raw materials from nature that are used to produce goods
- 13. Desires that can be satisfied by consuming a good or service
- 14. An economy consisting of mostly subsistence agriculture.
- 18. The products and/or services that an organization produces
- 19. An economic system in which the government controls a country's economy.
- 25. The specific economic resources used in producing goods and services