Across
- 4. when a nation produces a limited variety of goods.
- 6. the prices of getting into operating ones own business.
- 7. freedom- Fundamental right of every human so control her own labor and property.
- 9. economy- Production prices are determined by unrestricted competitors between privately owned businesses.
- 11. of Production - Resources that are building blocks of the economy; four categories binds, labor, capitals,entrepreneurship.
- 12. of labor- The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
- 15. Exchange- Act of buyers and sellers freely and willingly engaging in mark of transaction.
- 16. Economy- Production, investment, prices and incomes are determined, centrally by a government.
Down
- 1. Sovereignty- the situation in an economy when the desires and needs of consumers control the output of procedures.
- 2. cost- the loss of potential gain from other alternatives when one alternative is chosen.
- 3. A thing that motivates or encourages one to do something.
- 5. of exchange- portable instrument that is used as an interment facilitate the sales of goods between parties.
- 7. the ratio of the useful work preformed by a motive/process to the total energy expended or heat taken in.
- 8. cost- Cost added by producing additional/ unit of a product or service.
- 10. Questions- what goods should be produced, how should they be provided,who should receive
- 13. - the demand for a good or service is greater than the availability of the good or service.
- 14. Capital- Measure of the skills, education, capitailty, and earning potential.