Unit 1 Economics Crossword

3. Choosing to focus on a limited number of tasks instead of trying to do everything.
4. The idea that by choosing to use any resource in a given way, you give up the ability to use that resource for all of its other possible uses.
7. The physical objects used in the production or sale of a good or service. Also called physical capital.
9. The study of choices and of the incentives behind those choices.
11. The concept that desirable things have a limit to their quantity so we must make choices.
14. A good that is sold with the expectation that it will be consumed within three years.
15. A final good that is sold to the end user for their consumption.
16. The resources that can be combined to create a business. Also called Productive Resources.

1. the economic value of a person's skills, knowledge, and health
2. Possibilities Curve a graph that shows the maximum amount of two goods that can be produced with a given set of resources and technology.
5. A good sold to consumers that is expected to last for at least three years.
6. A good or service that is desirable but is not necessary for survival.
8. A good or service necessary for survival.
10. The quality of life experienced by the average person in any given area.
12. The idea that by choosing to use any resource in a given way, you have paid a cost equal to the next best alternative.
13. Economy ran by mostly the government