Across
- 1. This is the process of separating the tasks in the process of production and assigning different tasks to different workers.
- 3. Not using all of the productive resources available
- 6. Land, labor, capital, and entrepreneurship
- 7. This is the change in the total cost of an item that occurs when the quantity produced changes by one unit.
- 9. This is a person who takes the risk of a new business enterprise.
- 11. When marginal benefits are greater than marginal costs.
- 14. A tool or equipment used to produce other goods.
- 15. The study of choices and how a society allocates scarce resources
- 16. Something that is not vital to sustain life
- 19. This is the act of buyers and sellers freely and willingly engaging in market transactions.
- 20. Using all of the productive resources to their full potential
- 21. This is when resources are limited and the need for a good or service is higher for a society than what is produced.
- 22. This is when each worker performs a specific task in production.
- 23. These are the factors of production used in the making of goods and services.
- 24. This is an economic situation related to opportunity cost in which one thing is given up in order to do something else.
- 25. This is an additional or extra benefit associated with an action.
Down
- 2. Any factor, usually financial, to influence one choice over another by an individual or business.
- 4. This is equipment and factories used in the production of goods and services.
- 5. This is the value lost when one alternative is chosen over another.
- 8. Something is vital to sustain ones life
- 10. Anything that takes away something from you (Time, Money, Opportunity)
- 12. This is one of the main factors of production. It is the measure of the work done by people.
- 13. This is one of factors of production (productive resource), referring to anything that is taken from the earth during the production of a good or service.
- 17. Method of distribution of goods and services
- 18. Anything that brings value