Across
- 3. a person that seeks profits by doing something novel with already existing resources
- 4. the physical and mental work of people (does not include entrepreneurs)
- 5. a basic survival requirement, such as food or shelter; a necessity
- 6. another term alternative choices, which has different pros and cons
- 8. the resources or inputs needed to create goods or services
- 10. a monetary worth expressed in a currency (i.e.: dollars and cents)
- 12. a variable level of the quality of life based on available necessities and luxuries to make life easier
- 13. the cost of the second-best alternative
- 15. something concrete, such as a graph or equation, that displays how something works
- 18. the total dollar value of all final goods produced by a country within a year
- 19. something desired; frivolous, but not necessary for survival
Down
- 1. an economy in which the government has limited control, so that consumers and private businesses are the most active in decision-making
- 2. the study of production, consumption, and prosperity
- 7. the condition in which a society has unlimited wants, but has limited resources
- 9. work done for other persons
- 11. a type of economic product that is a useful, tangible item; can be durable or nondurable
- 14. the measure of the volume of produced goods in a particular time period
- 16. both a factor and result of production; includes tools, equipment, and factories
- 17. nature or natural resources that are not manmade, including fields and livestock