Across
- 3. possibilities frontier A line on a graph that shows the maximum goods and services that can be produced
- 5. market Where households can buy goods and services from firms
- 7. The struggle between the producers for money from consumers
- 8. Concentration of focus and effort on selective goods and services
- 10. The alternative that is sacrificed when a decision is made
- 12. at the margin Trying to determine how much more or less needs to be done in an economy
- 13. Maximizing the goods and services produced by using resources a specific way
- 15. The meeting between limited resources and unlimited wants
- 18. hand Describes the way the marketplace regulates itself
Down
- 1. When an economy uses less than it is capable of
- 2. The way people quench their wants and needs by making decisions
- 4. cost The value of the next best alternative when a decision is made
- 6. Someone's own personal gain
- 9. A side effect where someone besides the producer and consumer is positively or negatively affected
- 11. market Where firms can buy factors of production from households
- 14. A benefit that coaxes people into acting a certain way or doing a certain thing
- 15. Lasts for a temporary amount of time and occurs when goods or services are unavailable or when demand exceeds supply
- 16. contract The idea that people can choose which agreements they may want to be a part of
- 17. economy An economic system in which the government and the individuals control the way goods and services are produced and sold