Across
- 2. the action of helping or doing work for someone for the benefit of the economy.
- 6. Land resources are the raw materials in the production process. These resources can be renewable, such as forests, or nonrenewables such as oil or natural gas.
- 8. Entrepreneurship is the process of discovering new ways of combining resources
- 9. the total satisfaction received from consuming a good or service.
- 11. Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy
- 12. merchandise or possessions, Items that satisfy human wants and provide utility.
- 13. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship
- 14. The state of being scarce or in short supply; shortage
- 15. Desires that can be satisfied by consuming a good, service, or leisure activity.
- 16. Capital is typically cash or liquid assets being held or obtained for expenditures.
Down
- 1. a curve that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.
- 3. Economic incentives are financial motivations for people to take certain actions
- 4. The value that person places on an economic good based on the benefit that they derive from the good.
- 5. Something that the people need to survive or stay comfortable
- 7. the loss of potential gain from other alternatives when one alternative is chosen
- 10. A trade-off involves a sacrifice that must be made to get a certain product or experience
- 15. An accumulation of valuable economic resources that can be measured.