Across
- 3. human resources
- 4. basic economic problem because of limited resources
- 7. physical items like food
- 10. efficiency occurs when the economy is utilizing all of its resources efficiently
- 11. economics studies economic behavior without making judgments
- 13. is a measure that can change from observation to observation
- 14. efficiency is a type of economic efficiency in which producers produce only those types of goods and services that are more desirable in the society while in high demand
- 15. study of the economy as a whole
- 16. something a person would like to have but it is not necessary for survival
- 18. using our limited resources wisely
- 20. actions one does for another
- 22. is price-determined
- 23. where goods and services produced by businesses are sold to households
Down
- 1. refers to markets where services of the factors of production are bought and sold
- 2. economics analyzes outcomes of economic behavior and suggests courses of action
- 5. market profit opportunities are eliminated almost instantaneously
- 6. capital resources
- 8. cost is the best alternative
- 9. study of individual consumers and businesses
- 12. people who decided how to combine resources to create new goods and services.
- 17. growth is an increase in the total output of the economy
- 19. something a person cannot live without
- 21. natural resources