Review chapter 1-6

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Across
  1. 2. The group of people benefit, but they do not pay what they should, while others pay, few will be willing to pay for improvement of the environment or other public goods
  2. 4. goods are jointly consumed together
  3. 8. A shorthand expression for any natural resource provided by nature
  4. 12. addition to or subtraction from a current situation (start with M)
  5. 13. The basic categories of inputs used to produce goods and services, also called factors of production
  6. 16. the heart of economics
  7. 18. A market condition existing at any price where the quantity supplied is less than the quantity demanded
  8. 19. Any good for which there is an inverse relationship between changes in income and its demand curve
  9. 20. The satisfaction, or pleasure, that people receive from consuming a good or service
  10. 22. examines individual decision making units within an economy, such as a consumer’s response to changes in the price
  11. 23. The mental and physical capacity of workers to produce goods and services
  12. 24. The physical plants, machinery, and equipment used to produce other goods
Down
  1. 1. the desire to own something and the ability to afford it
  2. 3. A market condition existing at any price where the quantity supplied is greater than the quantity demanded
  3. 5. Any arrangement in which buyers and sellers interact to determine the price and quantity of goods and services exchanged.
  4. 6. applies an economy wide perspective that focuses on such issues as inflation, unemployment, and the growth rate of the economy
  5. 7. costs of borrowing
  6. 9. a type of economics statement whose analysis is based on value judgment
  7. 10. A cost or benefit imposed on people other than the consumers and producers of a good or service
  8. 11. A market condition that occurs at any price which the quantity demanded and the quantity supplied are equal
  9. 14. The study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants
  10. 15. The creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products
  11. 17. sensitivity or responsiveness towards the change of something
  12. 21. The body of knowledge applied to how goods are produced.