Across
- 6. the act of giving something up to get something else
- 9. thinking about whether to do someone one more time
- 10. the value of the alternative forgone
- 12. the part of econ concerned with individuals
- 14. refers to an incentive gone wrong
- 18. liberal economist who called for the government to be like an umpire
- 19. an economy based on central planning
- 20. the condition of not having enough
Down
- 1. the study of decision making
- 2. focusing on the task your best at
- 3. an economy characterized by 'voting with dollars'
- 4. economics that says how things should be
- 5. economics that describes how things are
- 7. the 'father' of socialism
- 8. another word for a market economy
- 11. e.g. land, labor, capital, & entreprenuership
- 13. an economy based on custom
- 15. another word for a command economy
- 16. the part of econ concerned with the overall economy
- 17. the process of decising which wants to satisfy with which resources