Across
- 2. the imagination, innovative thinking, and management skills needed to start and operate a business.
- 3. the additional costs or benefits of a decision
- 5. the highest valued alternative given up as a result of making a choice.
- 9. using a product or service, completes the want-satisfaction chain.
- 11. the process of getting a product or service to consumers- before the human want can be satisfied.
- 13. a social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants.
- 15. exchanging something for something else.
- 16. land, labor, and capital resources.
- 18. an arrangement that allows buyers and sellers to make exchanges.
- 19. positive rewards for making some kind of choice or behaving in a certain way.
- 20. losses
- 22. the study of the economy as a whole.
Down
- 1. an economy that relies on voluntary trade as the primary means of organizing and coordinating production.
- 4. natural resources.
- 6. a process that combines economic resources so the result is a good or service that is available for sale.
- 7. Total sales> Total costs
- 8. gains
- 10. the study of individual consumers and businesses.
- 12. fines or punishments
- 14. resources are the buildings, tools, and machines people create and use to produce final goods and services.
- 17. human resources.
- 21. means that an inequality exists between wants and the resources available to satisfy them.