Across
- 2. the development of skills in a specific kind of work
- 3. the study of scarcity and choice
- 7. a reward or enticement that encourages a behavior
- 9. resources that are raw materials from nature used to produce goods
- 11. an economic system in which the government controls a country' economy
- 12. an economic system in which resources are primarily owned and controlled by the private sector
- 13. the products and/or services that an organization produces
- 17. an incentive that gives a penalty to discourage behavior
- 19. the value of a particular product compared to the amount of labor needed to make it
- 20. people who work to produce goods and services
- 21. the additional benefit associated with an action
- 22. a person who starts up and takes on the risk of a business
- 23. an economy that consists of mostly subsistence agriculture
- 25. phrase coined by Adam Smith to refer to the self-regulating nature of a free market
Down
- 1. the cost that is the most desirable alternative given up as the result of a decision
- 4. land, labor, and capital; the three groups of resources that are used to make all goods and services
- 5. a market based economic system with limited government involvement
- 6. the limited nature of society's resources
- 8. the frontier or line on a graph that shows maximum possible output
- 10. the specific economic resources used in producing goods and services
- 14. the human-made objects used to create other goods and services
- 15. the methods societies use to produce and distribute resources
- 16. basic requirements for human survival
- 18. the principle type of exchange that people may decide what, when, and how they will buy and sell
- 24. desires that can be satisfied by consuming a good or service