Across
- 1. The condition of having limited resources but unlimited wants.
- 4. This is when a large task is broken down into smaller tasks and a worker is assigned to each small task.
- 7. The study of a particular small piece of the economy.
- 9. This means the resources being used are providing the most satisfaction of our economic wants as possible.
- 10. When a worker does the task at which he is best.
- 11. A requirement for survival.
- 13. A final good that is meant for use by a consumber.
- 14. This explains why some needs are cheap and some wants are expensive.
- 15. A way of expressing a need.
- 17. The man-made tools, equipment, and factories used in the production of a good or service.
- 18. Most things in life are not free because resources had to be used to make those things.
- 20. The study of how people deal with the problem of scarcity.
- 22. The abilities, talents, etc. of a person that make them economically useful.
- 23. The next best thing that is given up when you make a choice (the best trade-off).
- 24. of production The resources needed to make a product or provide a service.
Down
- 2. All the alternatives a person gives up when he makes a choice.
- 3. A risk-taker in search of profit.
- 5. The study of the economy as a whole.
- 6. The other name for factors of production.
- 8. People and their efforts, abilities, and skills.
- 9. This means all available resources are being used.
- 12. This means that resources are being wasted.
- 13. Making a choice by weighing benefits against costs.
- 16. Finished products or services.
- 19. all natural resources not made by human hands.
- 21. A final good that is used by a business to make another final good.