Across
- 5. A situation in which a good or service is unavailable
- 6. Land, labor, and capital; the three groups of resources that are used to make all goods and services
- 7. Using fewer resources than an economy is capable of using
- 10. Physical objects such as clothes or shoes
- 13. Deciding whether to do or use one additional unit of some resource
- 14. Actions or activities that one person performs for another
- 16. Something like air, food, and shelter that is necessary for survival
- 18. Using resources in such a way as to maximize the production of goods and services
- 22. A graph that shows alternative ways to use an economy's resources
- 23. The effort that people devote to a task for which they are paid
- 24. A phrase that refers to the trade offs that nations face when choosing whether to produce more or less military or consumer goods
Down
- 1. All human-made goods that are used to produce other goods and service; tools and buildings
- 2. Law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases
- 3. Limited quantities of resources to meet unlimited wants
- 4. The line on a production possibilities graph that shows the maximum possible output
- 8. The study of how people seek to satisfy their needs and wants by making choices
- 9. An item that we desire but that is not essential to survival
- 11. An alternative that we sacrifice when we make a decision
- 12. Resources that are used to make goods and services
- 15. Any human-made resource that is used to create other goods and services
- 17. The skills and knowledge gained by a worker through education and experience
- 19. Ambitious leader who combines land, labor, and capital to create and market new goods and services
- 20. To an economist, the alternative that is given up because of a decision
- 21. The most desirable alternative given up as a result of a decision