Across
- 4. Anything that takes away something from you (Time, Money, Opportunity)
- 7. This is one of the main factors of production. It is the measure of the work done by people
- 10. This is an additional or extra benefit associated with an action.
- 12. This is equipment and factories used in the production of goods and services.
- 13. Something that is not vital to sustain life
- 14. This is when resources are limited and the need for a good or service is higher for a society than what is produced
- 15. This is one of the factors of production (productive resource), referring to anything that is taken from the earth during the production of a good or service
- 18. Method of distribution of goods and services
- 19. This is an economic situation related to opportunity cost in which one thing is given up in order to do something else
- 22. This is the act of buyers and sellers freely and willingly engaging in market transactions.
- 24. Any factor, usually financial, to influence one choice over another by an individual or business.
- 25. The study of choices and how a society allocates scarce resources
Down
- 1. Land, labor, capital, and entrepreneurship
- 2. Using all of the productive resources to their full potential
- 3. This is the value lost when one alternative is chosen over another
- 5. This is when each worker performs a specific task in production
- 6. These are the factors of production used in the making of goods and services
- 8. When marginal benefits are greater than marginal costs
- 9. A tool or equipment used to produce other goods.
- 11. Anything that brings value
- 16. This is the process of separating the tasks in the process of production and assigning different tasks to different workers.
- 17. This is a person who takes the risk of a new business enterprise.
- 20. Not using all of the productive resources available
- 21. This is the change in the total cost of an item that occurs when the quantity produced changes by one unit
- 23. Something is vital to sustain one's life