Across
- 3. The exchange of one benefit or advantage for another that is thought to be better.
- 4. The branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done.
- 6. Any factor that encourages or motivates a person to do something. Prices, taxes, and laws create incentives that influence how people behave.
- 8. The branch of economics that uses objective analysis to find out how the world works. The goal is to describe how things are.
Down
- 1. A way to compare the costs of an action with the benefits of that action. If benefits exceed costs, then the action is worth taking.
- 2. The study of how people choose to use their limited resources to satisfy their unlimited wants.
- 5. The condition that results because people have limited resources but unlimited wants.
- 7. A system used to manage limited resources for the production, distribution, and consumption of goods and services.