Across
- 2. → The efficiency with which goods and services are produced in an economy
- 3. The study of the economy as a whole, including issues like inflation, growth, and unemployment.
- 5. A situation in which more of one thing means less of another
- 8. The study of how people and societies make choices under conditions of scarcity.
- 9. An increase in the output of goods and services produced in an economy
- 10. The next best alternative that is given up when making a decision
- 11. The value of the next best alternative given up when a choice is made
- 12. The limited nature of society’s resources compared to unlimited wants
Down
- 1. Inputs used to produce goods and services, such as land, labor, and capital
- 4. A reward or punishment that influences people's choices
- 6. A general increase in the price level of goods and services in an economy over time
- 7. The study of individual decision-making units, like households and firms.