Across
- 1. The accumulation of those products that are tangible, scarce, useful and transferable to others
- 3. The capacity to be useful
- 4. Alternative choices
- 7. The process of creating goods and services can take place when land, labor, capital and entrepreneurs are present
- 9. When factors of production perform tasks that they can do relatively more efficiently than others
- 10. Work that is performed for someone
- 12. Tools and equipment used in the production of goods and services
- 14. An individual who brings together the factors of production to make something new
- 15. Water vs. Diamonds
- 17. goods and services that are useful, relatively scarce and transferable to others
- 19. The market where productive resources are bought and sold
- 21. The study of how people satisfy unlimited wants with limited resources
- 22. The dollar value of all final goods produced in a country's borders within in 12-month period
- 23. A way of expressing a need
- 26. People with all their efforts, abilities and skills
- 28. A diagram representing various combinations of goods and services an economy can produce
- 32. Is intended by final use by consumer
- 34. The condition that results from society not having enough resources
- 35. The measure of the amount of output produced by a given amount of inputs in a specific period of time
- 36. Worth that is expressed in dollars and cents
Down
- 2. Is the sum of skills, abilities, health and motivation of people
- 5. Occurs when a nation's total output of goods and services increases over time
- 6. Manufactured goods used to produce other goods
- 8. A way of thinking about a problem that compares the cost of an action to the benefits received
- 11. One in which consumers and privately owned business, rather than the government
- 13. Markets where producers sell their good and services to consumers
- 16. Resources required to produce things we would like to have, are land, capital, labor and entrepreneurs
- 18. We rely on others and other rely on us to provide the goods and services that we consume
- 20. A basic requirement for survival
- 24. An item that is economically useful
- 25. Gifts of Nature or resources not created by humans
- 27. Takes place when work is arranged so that individual workers do fewer tasks than before
- 29. The cost of the next best alternative use of money, time and resources
- 30. The quality of life based on possession of the necessities and luxuries that make life easier
- 31. The money used to buy tools and equipment
- 33. A location that allows buyers and sellers to exchange certain economic products