The Nature of Economics

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Across
  1. 2. The amount of a good or service producers are willing and able to sell.
  2. 5. The amount of a good or service consumers are willing and able to buy.
  3. 6. An activity performed to satisfy a want or need.
  4. 7. The next best alternative that is given up when a choice is made.
  5. 9. A person or business that makes goods or provides services.
  6. 11. A tangible thing produced to satisfy a want or need.
  7. 12. The amount paid for a good or service.
  8. 13. The limited nature of resources in relation to unlimited wants.
Down
  1. 1. Things that people would like to have but do not necessarily need.
  2. 3. The process of making goods and services.
  3. 4. Things that are necessary for survival, such as food and shelter.
  4. 8. The act of buying and selling goods and services.
  5. 9. The study of how people use limited resources to satisfy unlimited wants.
  6. 10. Resources are used and distributed in the best possible way to maximize total benefit.