Scarcity & Economic Reasoning

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Across
  1. 1. An economic system characterized by central planning and government ownership
  2. 3. A person that takes on risk to organize the factors of production in response to the profit incentive
  3. 7. A choice between two or more alternatives
  4. 9. cost The value of the next best alternative
Down
  1. 2. An economic system characterized by voluntary exchange and private property
  2. 3. The study of how people make choices under the conditions of scarcity
  3. 4. A word in economics meaning satisfaction
  4. 5. possibilities All possible combinations of goods and services that can be produced by a fixed amount of resources in a given period of time
  5. 6. Limited resources, unlimited wants; the basic economic problem
  6. 8. of production- Resources used to create goods and services; land, labor, and capital