Economics Unit 1

3. rivalry among producers of similar products
4. social programs to ease risks beyond an individual's control
5. wise use of resources
9. the one alternative that you are missing out on when you make a decision
10. sometimes designated as the fifth factor of production
12. visual representation of the maximum combination of goods/services that can be produced from available resources
14. natural resouces needed to produce a good/service
15. study of how individuals/societies make decisions to fulfill our needs and wants
16. previously manufactured goods to produce a good/service
18. condition of not being able to have all goods/services you need/want because they exceed your resources at any given time
22. level of importance to you
23. anything from land to baseball cards
24. all possibilities to exchange for a good/service
25. economic system that the government controls the factors of production
27. indiduals succeed or fail by their choices

1. unit of transaction
2. right to pursue business opportunities
6. one's willingness to risk going into business
7. sellers desire to make money
8. using legislative measures so economic policies benefit all fairly
11. someone who studies a nation's activity of production, distribution, and use of goods/services
13. what is physically lost in a transaction
17. economic system that relies on custom
19. anagram for how we make decisions
20. economic system driven by individual decisions
21. material well-being of a group or individual
26. human effort