Across
- 2. Graphical representation showing all possible combinations of quantities of goods and services that can be produced using the existing resources fully and efficiently in a given period of time
- 6. The amount of one good or service that must be given up to obtain one additional unit of another good or service, no matter how many units are being produced
- 10. Value of the next best alternative given up for the alternative that was chosen
- 11. Actions that can satisfy people’s wants or needs
- 12. All natural resources, such as minerals, timber, and water, as well as the land itself
- 13. anything that you would pay to get rid of
- 15. Resources of land, labor, capital and entrepreneurship used to produce goods and services
- 17. The giving up of one good or activity in order to obtain some other good or activity
Down
- 1. products such as the machinery and equipment that are used in production
- 3. the means by which people choose the options that give them the greatest amount of satisfaction
- 4. the ability to produce a good or service at a lower opportunity cost than someone else
- 5. Ability of risk- taking individuals to develop new products and start a new business in order to make profits
- 7. the physical and intellectual services of people, including the training, education, and abilities of the individuals in society
- 8. Tangible (real) objects that can satisfy people’s wants or need
- 9. who can create the most goods and services in given period of time
- 14. The study of how individuals and societies make choices about ways to use scarce resources to fulfill unlimited wants
- 16. Condition of not being to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time