Across
- 5. the extra or additional cost or benefits of a decision
- 6. an arrangement that allows buyers and sellers to make exchanges
- 8. that highest valued alternative given up as a result of making a choice
- 9. the study of the economy as a whole
- 13. gains
- 14. a process that combines economic resources so the result is a good or service that is available for sale
- 16. positive rewards for making some kind of choice or behaving in a certain way
- 17. a positive difference between total sales and total costs, total sales must be greater than total cost
- 19. the process of getting a product or service to consumers
- 21. the study of individual consumers and businesses
- 22. the imagination, innovation thinking, and management skills needed to start and operate a business
Down
- 1. this kind of resource are the buildings, tools, and machines people create and use to produce final goods and services
- 2. social science that studies people, acting individually and in groups,, decide to use scarce resources to satisfy their wants
- 3. this is what economists call land, labor, and capital resources
- 4. an economy that relies on voluntary trade as the primary means of organizing and coordinating production
- 7. the physical and mental efforts people use to create goods or services
- 10. using a product or service, complete the wants-satisfaction chain
- 11. losses
- 12. an inequality exists between wants and the resources available to satisfy them
- 15. often relate to such things as fines or punishment
- 18. exchanging something for something else
- 20. the resources that encompasses the natural resources used in production