Across
- 3. Natural resources found in nature used to produce goods and services, such as water, timber, or minerals
- 4. The basic economic problem of limited resources vs. unlimited wants
- 6. The knowledge, skills, education, and health that make a worker productive
- 7. Concentrating efforts on a specific, narrow range of tasks or goods to increase efficiency
- 10. What you give up when you make a choice; the next best alternative
- 14. Giving up one benefit or advantage in order to gain another
- 16. The ratio of output produced relative to the inputs used over a given time
- 17. An economy that blends elements of both market freedom and government regulation
- 18. Something essential for human survival, such as food, water, or shelter
- 20. The physical work and human effort applied to the production of goods and services
- 21. An economic system controlled entirely or mostly by a central government authority
- 22. Tangible items produced for direct consumption by individuals
Down
- 1. Any manufactured asset—like machinery, tools, or buildings—used to produce other goods
- 2. Breaking down a large task into smaller, specialized steps performed by different workers
- 5. The four basic inputs required to produce all goods and services
- 8. A system where private individuals and businesses make most economic decisions based on supply and demand
- 9. A person who takes a risk to start a business or bring new products to market
- 11. A physical object that can be bought and sold to satisfy human wants
- 12. Any item or input used by humans to satisfy wants or produce needed goods
- 13. Something desired that is not necessary for basic survival
- 15. The study of how individuals, businesses, and societies allocate scarce resources
- 19. An action or work performed for a consumer by another person or company