Across
- 3. medium of exchange
- 7. interaction of buyers and sellers
- 10. possibility curve, maximum output combinations using given resources
- 12. willingness and ability to buy goods or services
- 13. consumer of goods and services
- 15. market condition with surplus or shortage
- 20. wasteful or suboptimal resource use
- 22. basic necessities for survival
- 25. intangible activities that satisfy wants
- 26. responsiveness to a change in price or income
- 27. authority that regulates and intervenes in the economy
- 28. human effort used in production
- 29. willingness and ability to sell goods or services
Down
- 1. natural resources used in production
- 2. use of goods and services to satisfy wants
- 4. unlimited human desires
- 5. man-made resources used in production
- 6. cost, next best alternative forgone
- 8. tangible products that satisfy wants
- 9. excess supply at a given price
- 11. choices involving sacrifices
- 14. high responsiveness to price changes
- 16. optimal use of scarce resources
- 17. producer of goods and services
- 18. monetary value of a good or service
- 19. risk-taking and decision-making factor of production
- 21. little responsiveness to price changes
- 23. where quantity demanded equals quantity supplied
- 24. excess demand at a given price