Across
- 2. worth of a good or service as determined by the market
- 3. capacity or usefulness that a product has
- 5. risk-taking individual
- 8. "gift of nature"
- 10. a basic necessity for survival
- 11. ____ of value, when necessities such as water are cheaper than non-necessities such as jewels
- 12. something that isn't needed to survive, but consumers tend to buy more of these
Down
- 1. _____ of production; productive resources that make up the four categories of land, labor, capital, and entrepreneurship
- 4. ____ market; market where goods and services are offered for sale
- 6. __ product; good or service that is useful, relatively scarce, and transferable to others
- 7. trying to satisfy infinite wants and needs with limited resources
- 8. work
- 9. tools, equipment, and factories used in the production of goods or services