Across
- 4. producing the good or service you are best at
- 6. factor of production that includes all natural resources
- 9. an economic system in which individuals own the factors of production and make decisions based on their own personal needs and wants
- 10. the study of the behavior and decisions of individuals and businesses in markets
- 12. a graph showing the combinations of goods that an individual, firm, or economy is capable of producing
- 14. factor of production that includes manmade items required for completing a task or storing value
- 15. the condition that there is never enough of everything to fully satisfy all those who want it
- 16. evaluating the costs and benefits of a decision or change
- 17. what to produce? how to produce? for whom to produce?
Down
- 1. an economic system where customs, beliefs and traditions guide the production, distribution and consumption of goods and services
- 2. studies the structure and behavior of the wider economy
- 3. an economic system that combines elements of a market and command/planned economy
- 5. factor of production that includes workers/employees
- 7. factor of production that includes the person/people in charge of organizing the other factors of production
- 8. the framework for how a country chooses to answer the questions every economy must answer
- 11. the value of the next best alternative
- 13. an economic system where the government makes all decisions about what to produce and how to distribute goods and services