Fundamental Economics Concept

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Across
  1. 4. Desires for goods and services beyond basic needs.
  2. 6. A graph showing the maximum output combinations of two goods that can be produced.
  3. 8. Basic necessities required for survival (food, water, shelter).
  4. 9. Natural resources used in production (e.g., minerals, water).
  5. 10. Limited resources to satisfy unlimited wants.
  6. 11. The ability to take risks and innovate in creating new products/services.
  7. 12. Resources used to make goods and services: Land, Labor, Capital, and Entrepreneurship.
Down
  1. 1. A factor that motivates people to take specific actions (rewards/penalties).
  2. 2. Human effort used in production (physical or mental work).
  3. 3. Man-made tools or equipment used in production (e.g., machinery).
  4. 5. The value of the next best alternative that you give up when making a choice.
  5. 7. Giving up one thing to gain another when making a decision.