Across
- 1. amount buyer pays
- 2. created for direct consumption
- 6. economy where economic decisions are made by government
- 8. products being produced are most desired by society
- 10. human work
- 12. the study of choices
- 14. economy where individuals, firms, and government make economic decisions
- 15. producer with the lowest opportunity cost
- 19. products are being produced in the least costly way
- 21. satisfaction
- 23. economy where individuals and firms make all economic decisions
- 24. machinery, tools
- 25. resources are easily adaptable for producing either good
- 27. amount seller pays to produce a good
- 28. created for indirect consumption
Down
- 1. based on facts
- 3. traditional out of pocket costs of decision making
- 4. to distribute
- 5. as you produce more of any goods, the opportunity cost will increase
- 7. producer that can produce the most output or requires the least amount of resources
- 9. taking a financial risk to create a successful business
- 11. unlimited wants with limited resources
- 13. what you give up to get something else
- 14. additional
- 16. focusing on one skill in the production process
- 17. include value judgments
- 18. land, labor, capital, and entrepreneurship
- 20. opportunity cost such as forgone time and forgone income
- 22. natural resources
- 26. all alternatives that are given up