Across
- 3. Study of the large economy as a whole or in its basic subdivisions
- 4. The most desirable alternative given up as a result of a decision
- 5. All the alternatives that we give up whenever we choose one course of action over others
- 7. Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants
- 8. This consists of Land, Labor, Capital, and Entrepreneurship
- 9. The producer with the lowest opportunity cost
- 11. Making decisions based on the additional benefit vs. the additional cost
- 12. The method used by a society to produce and distribute goods and services.
Down
- 1. Study of small economic units such as individuals, firms, and industries
- 2. A model that shows alternative ways that an economy can use its scarce resources
- 6. The producer that can produce the most output OR requires the least amount of inputs (resources)
- 10. Condition in which our wants are greater than our limited resources