Across
- 4. a risk taker in search of profits who does something new with existing resources
- 6. takes place when work is arranged so that individual workers do fewer tasks than before
- 7. occurs when a nation's total output of goods and services increases over time
- 8. is the study of how people try to satisfy what appears to seemingly unlimited and competing wants through the careful use of relatively scarce resources
- 10. is the situation where some necessities, such as water, have little monetary value, whereas some non-necessities, such as diamonds, have a much higher value
- 15. the process of creating goods and services, can take place
- 19. is when manufactured goods are used to produce other goods and services
- 21. is a way of thinking about a problem that compares the costs of an action to the benefits received
- 22. are productive resources are brought and sold
- 24. a diagram representing various combinations of goods and or services an economy can produce when all productive resources are fully employed
- 30. is the accumulation of those products that are tangible, scarce, useful, and transferable from on person to another
- 31. a location or other mechanism that allows buyers and sellers to exchange a certain economic product
- 32. and item that is economically useful or satisfies and economic want, such as a book, car, or compact disc player
- 33. is a measure of the amount of output produced by a given amount of inputs in a specific period of time
- 34. is a basic requirement for survival and includes food, clothing, and shelter
Down
- 1. or alternative choices, whenever they make an economic decision
- 2. is intended for final use by individuals
- 3. is the condition that results from society not having enough resources to produce all the things people would like to have
- 5. resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurs
- 9. one in which consumers and privately owned businesses, rather than the government making the majority of the What, How, and For Whom decisions
- 11. refers to a worth that can be expressed in dollars and cents
- 12. is the sum of skills, abilities, health, and motivation of people
- 13. the capacity to be useful and provide satisfaction
- 14. the cost of the next best alternative use of money, time, or resources when one choice is made rather than another
- 16. this means that we rely on others, and others rely on us, provide the goods and services that we consume
- 17. people with all their efforts, abilities, and skills
- 18. is a way of expressing a need
- 20. goods and services that are useful, relatively scarce, and transferable to others
- 23. the dollar value of all final goods and services, and structures produced within a country's borders in a 12 month period
- 25. the tools, equipment, machinery, and factories used in the production of goods and services
- 26. are markets where producers sell their goods and services to consumers
- 27. or work that is performed for someone
- 28. also known as "gift of nature" or natural resources not created by humans
- 29. the money used to buy the tools and equipment used to production