Across
- 4. often related to such things as fines or punishments
- 5. exchanging something for something else
- 8. the building tools and machines people create an used to produce final goods and services
- 10. what economists call land labor and capital resources
- 13. using a product or service to complete the want satisfaction chain
- 15. also known as losses
- 16. The process of getting a product or service to consumers
- 17. a social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants
- 20. positive rewards for making some kind of choice or behaving in a certain way
- 22. the imagination, innovative thinking, and management skills needed to start and operate a business
Down
- 1. The highest valued alternative given up as a result of making a choice
- 2. a positive difference between total sales and total cost, meaning the total sales must be greater than the total costs
- 3. the study of the economy as a whole
- 6. simply means the extra or additional costs or the benefits of a decision
- 7. physical and mental efforts people use to create goods and services
- 9. any arrangement that allows buyers and sellers to make exchanges
- 11. also known as a gain
- 12. natural resources are unaltered gifts of nature such as soil materials timber and freshwater
- 14. a process that combines economic resources so the result is a good or service that is available for sale
- 18. means that an inequality exist between wants in the resources available to satisfy them
- 19. an economy that relies on voluntary trade is the primary means of organizing and coordinating production
- 21. economics the study of individual customers and businesses