Across
- 2. majored in economics
- 3. a human-made good used to produce other goods and services
- 7. creative ability to take risks and seek profits by successfully combining all other resources
- 8. branch of economics that looks at "the trees instead of the forest"
- 9. does not produce goods and services
- 10. limited although not necessarily small in quantity
- 11. one condition or event necessarily leads to another
- 12. a simplified description of reality used to understand and predict the relationship between variables
Down
- 1. type of economics that focuses on "what is"
- 4. two events are noted as happening at the same time
- 5. natural resources used to produce a good or service; not just "dirt"
- 6. also called inputs or factors of production
- 7. study of scarcity
- 11. paribus all other factors held constant