Across
- 3. all the tools, equipment, and machinery used to produce goods or provide services
- 6. the work performed by people in organizations
- 7. economic system where the government makes all economic decisions for its citizens
- 9. develops when demand is higher than the available resources
- 10. economic system where individuals are free to make their own economic decisions
- 13. consumers buy fewer goods at higher prices
- 15. economic system where both government and individuals make decisions about economic resources
- 16. action taken by two or more businesses attempting to attract the same customers
- 19. the willingness and ability to start a new business
Down
- 1. products businesses use to produce final products for consumers
- 2. decision-making process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives
- 4. includes all of a nation’s natural resources; raw materials found in nature
- 5. the economic resources a nation uses to make goods and supply services for its population
- 8. value of the next best option that was not selected
- 11. when something is given up in order to gain something else
- 12. science that examines how goods and services are produced, sold, and used
- 14. people who start businesses
- 17. organized way in which a nation chooses to use its resources to create goods and services
- 18. producers supply greater quantity at higher prices
- 20. economic system where decisions are based on a society’s values, culture, and customs