Across
- 6. The branch of economics that focuses on small scale decisions
- 7. The economic model showing the possible production of 2 goods and how producing more of one results in less of the other
- 9. Anything produced from resources for final consumption by consumers
- 12. Happens when an economy is not using all of its resources efficiently and production falls beneath the production possibilities frontier curve
- 13. The condition by which our wants will always exceed the resources available to satisfy them
- 15. The next best alternative that is given up whenever we make a decision
Down
- 1. The branch of economics that studies how entire economies function
- 2. The one resource that brings the other three together as it involves someone starting and operating a business
- 3. Happens when an economy is using all of its resource to maximum efficiency and is represented by a point directly on the production possibilities frontier curve
- 4. Anything that can be used in the production of goods or services
- 5. Simple economic model showing the 4 types of resources and the goods and services they produce
- 7. The tools and machines used in the production of goods and services
- 8. One of the outputs of the production Equation, this is where laborers do something for the consumer
- 10. The way in which a society decides to answer the 3 economic questions and distribute goods and services
- 11. The skills and knowledge that workers bring with them when doing their job
- 14. Results when an economy discovers new technologies or resources and is represented by an outward shift of the production possibilities frontier curve