Across
- 3. system in which economic decisions are left up to producers and consumers
- 5. what motivate individuals, businesses, and gov't to undertake or avoid an action
- 8. distribution of goods
- 11. how individuals, businesses, and gov'ts choose to use limited resources
- 13. the way a country organizes economic activity
- 18. gifts of nature we use to produce goods and services
- 19. result of people having unlimited wants and limited resources
- 21. comparing marginal costs and marginal benefits of a choice or action
- 22. change in total benefit received from one more unit
- 23. total satisfaction gained from consuming a good or service
- 24. economic model that illustrates possible production combinations
- 25. resources used to produce goods and services
Down
- 1. individuals concentrate on a single activity or an area of expertise
- 2. knowledge and skills people gain from education
- 4. what to produce, how to produce, for whom to produce
- 6. efficiency with which goods and services are produced
- 7. when a resource, good, or service becomes unavailable
- 9. system in which decision about production and consumption are made by a central authority
- 10. change in total cost paid for one more unit
- 12. the tools and equipment used in production
- 14. economic system in which both gov't and individuals play important roles
- 15. act of willingly trading one item or service for another
- 16. way a person lives that can increase with education/training
- 17. the point where marginal benefit equals marginal costs
- 20. value of the next best choice that is given up when making a choice