Jamie Silva Econ Ch1.2 Vocabulary

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Across
  1. 3. Early economists were puzzled by a contradiction between necessities and value
  2. 4. growth Occurs when a nation's total output of goods and services increases over time
  3. 7. The capacity to be useful and provide satisfaction
  4. 9. The markets where productive resources are bought and sold
  5. 10. Is intended for final use by individuals
  6. 13. Goods and services that are useful
  7. 14. Is a measure of the amount of output produced by a given amount of inputs in a specific period of time
  8. 15. The key feature of this circular flow
  9. 17. Economic sense is the accumulation of those products that are tangible
  10. 18. The sum of the skills, abilities, health, and motivation of people
Down
  1. 1. Takes place when work is arranged so that individual workers do fewer tasks than before
  2. 2. Markets where producers sell their goods and services to consumers
  3. 5. Manufactured goods are used to produce other goods and services
  4. 6. We rely on others, and others rely on us, to provide the goods and services that we consume
  5. 8. An item that is economically useful or satisfies an economic want
  6. 11. Work that is performed for someone
  7. 12. When factors of production perform tasks that they can do relatively more efficiently
  8. 16. Worth that can be expressed in dollars and cents