Mason Reid Econ Ch. 1.2 Vocab

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Across
  1. 4. early economists were puzzled by a contradiction between necessities and value.
  2. 5. an item that is economically useful or satisfies an economic want, such as a book, car, or compact disc player.
  3. 6. the accumulation of products that are tangible, scarce, useful, and transferable from one person to another.
  4. 8. a worth that can be expressed in dollars and cents.
  5. 11. a location or other mechanism that allows buyers and sellers to exchange a certain economic product.
  6. 13. rely on others and others rely on us, to provide the goods and services that we consume.
  7. 14. the sum of the skills, abilities, health and motivation of people.
  8. 17. a measure of the amount of output produced by a given amount of inputs in a specific period of time.
  9. 18. takes place when work is arranged so that the individual workers do fewer tasks than before.
Down
  1. 1. market where producers sell their goods and services to customers.
  2. 2. the markets where productive resources are bought and sold.
  3. 3. work that is performed for someone.
  4. 7. good and service that are useful, relatively scarce, and transferable to others.
  5. 9. intended for final use by individuals.
  6. 10. occurs when a nation's total output of goods and services increases over time.
  7. 12. when factors of production perform tasks that they can do relatively more efficiently than others.
  8. 15. manufactured goods are used to produce other goods and services.
  9. 16. capacity to be useful and provide satisfaction.