Across
- 2. Laws created by governments in regards to how individuals can control, benefit from and transfer property.
- 3. It implied that limited quantities of resources to meet unlimited wants.
- 6. The most desirable alternative given up as the result of a decision.
- 8. The resources that are used to make all goods and services. This can refer to land, labor, capital.
- 9. Materials found in nature, which includes fertile land for farming and products that are found on land.
- 10. A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
- 11. A perspective on economics that is the study of "what ought to be" rather than what actually is.
Down
- 1. The study of economics based on objective analysis, which uses what is and what has been occurring in an economy as the basis for any statements about the future
- 4. A graph that shows alternative ways to use an economy's productive resources.
- 5. The process used to produce a good or service.
- 7. All the alternatives that we give up whenever we choose one course of action over another.