Across
- 2. The inputs used to produce a good or service
- 6. Smith argued that the free-market system along with___________ would produce true national wealth, benefiting all social classes, not just the privileged few.
- 12. Natural resources
- 13. The physical, mental, and social effort used to produce goods and services in an economy
- 16. A model used to show the tradeoffs associated with allocating resources between the production of two goods.
- 18. A method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
- 19. Benefits or costs of an action that influence people's decisions and behavior
- 21. An economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution.
- 22. Economic system where the government controls all major aspects of the economy and economic production
- 23. Limited resources, unlimited wants
- 24. A type of economic system where supply and demand regulate the economy, rather than government intervention
- 25. Money that has already been spent and cannot be recovered.
- 26. A type of transaction where two parties freely trade goods or services.
Down
- 1. Human-made resources used by a company to create goods and services (i.e. tools)
- 3. The principle that consumers, through their purchasing decisions, determine the demand for goods and services, and therefore have a powerful influence on what is produced and how it is produced
- 4. An economic concept which states that dividing the production process into different stages enables workers to focus on specific tasks.
- 5. The fact of being owned by a private individual or organization, rather than by the state.
- 7. A means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
- 8. An activity involving two or more firms, in which each firm tries to get people to buy its own goods in preference to the other firm's goods.
- 9. A person's drive to partake in activities that will give them the most economic gain
- 10. Actions that elicit personal benefit; the motivator of economic activity according to Adam Smith
- 11. A Scottish philosopher, widely considered as the first modern economist. He defined economics as “an inquiry into the nature and causes of the wealth of nations.”
- 14. A market system of resource allocation, commerce, and trade in which free markets coexist with government intervention
- 15. Any situation where making one choice means losing something else
- 16. Industry and business that is owned by individuals or stockholders, and not by the government or an official organization
- 17. The process of starting and launching a business and includes the willingness and ability to take on that business risk
- 20. The value of the next best alternative