Across
- 4. People with all their efforts, abilities, and skills
- 5. An item that lasts for fewer than three years when used on a regular basis.
- 7. Work that is performed for someone
- 10. The sum of people’s skills, abilities, health, knowledge, and motivation
- 13. something we would like to have but is not necessary for survival.
- 14. A location or other mechanism that allows buyers and sellers to exchange a specific product.
- 15. A useful, tangible item, such as a book, car, or compact disc player, that satisfies a want.
- 17. These are markets where producers sell their goods and services.
- 18. Any good that lasts three years or more when used on a regular basis
- 21. A risk taker in search of profits who does something new with existing resources.
- 22. The tools, equipment, machinery, and factories used in the production of goods and services.
- 23. The basic problem in Economics
- 24. Goods intended for final use by individuals
Down
- 1. Occurs when a nation’s total output of goods and services increases over time.
- 2. A worth that can be expressed in dollars and cents.
- 3. Where the factors of production are bought and sold.
- 6. The accumulation of products that are tangible, scarce, useful, and transferable from one person to another
- 8. Some necessities, such as water, had a very low monetary value. On the other hand, some nonnecessities, such as diamonds, had a very high value.
- 9. The dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period.
- 11. A basic requirement for survival, such as food, clothing, and shelter
- 12. land, capital, labor, and entrepreneurs.
- 16. Refers to the “gifts of nature,” or natural resources not created by people.
- 17. Everyone in a society benefits when scarce resources are used efficiently.
- 19. The study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scarce resources.
- 20. The capacity to be useful and provide satisfaction.