Introduction to Business and Economics

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Across
  1. 2. government and individuals make economic decisions
  2. 5. an economy in which individuals are free to make their own economic decisions
  3. 7. when something is given up in order to gain something else
  4. 8. a cost that is the value of the next best option that was not selected
  5. 11. an economy where the government makes all the economic decisions
  6. 12. the quantity of goods available for purchase
  7. 13. all activities involved in developing and exchanging products
  8. 14. one who starts a business
  9. 16. customers who purchase goods and services for their own use
  10. 17. all the tools, equipment, and machinery used to produce goods or services
  11. 18. the characteristics of a product that satisfy wants and needs, usefulness
Down
  1. 1. an economy based on society's values and customs
  2. 3. an organized way in which a nation chooses to use it resources to create goods and services
  3. 4. anything that can be bought or sold
  4. 6. the point where supply equals demand
  5. 9. the action taken by two or more businesses who are attempting to attract the same customers
  6. 10. the quantity of goods that consumers want to purchase
  7. 15. when demand is higher than the available resources