Economics Unit 1 Crossword

2. The alternative that must be given up when one choice is made rather than another.
7. The study of how people seek to satisfy their needs and wants by making choices.
8. Something positive or negative that encourages people to act in a certain predictable way.
11. The economic system in which the allocation of scarce resources, and other economic activity is the result of ritual, habit, or custom.
12. The extra revenue from the sale of one additional unit of output.
14. The productive resources that are used to create a good or service.
16. The economic system characterized by a central authority that makes most of the major economic decisions.
18. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
19. Goods that are consumed and are not expected to last.
20. Something necessary for survival.

1. The economic situation defined by an inefficient distribution of goods and services in the free market.
3. The quality of life based on ownership of necessities and luxuries that make life easier.
4. Knowledge and skills a worker gains through education and experience.
5. Economic products that are consumed collectively.
6. The annual dollar income used to determine poverty.
9. The economic system that has some combination of traditional, command, and market economies.
10. The extra cost of producing one additional unit of production.
13. Something desirable but not necessary.
15. The driving force that encourages people and organizations to improve their material well-being.
17. An uncompensated side effect that affects an uninvolved thirdparty.