Across
- 3. in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited.
- 6. land is considered a factor of production, similar to labor, as one of the crucial elements in creating goods and services.
- 7. In economics, needs are things that are essential for human survival,
- 8. Cost is the value of the next-best alternative when a decision is made
- 11. Possibilities Frontier
- 12. is the process of discovering new ways of combining resources.
Down
- 1. in economics, a want is something that is desired.
- 2. economics is the study of the labor force as an element in the process of production.
- 4. is employed in economics to refer to the fact that budgeting inevitably involves sacrificing some of X to get more of Y.
- 5. something, often money or a prize, offered to make someone behave in a particular way:
- 9. resources are input resources required in the production of goods and services.
- 10. is typically cash or liquid assets being held or obtained for expenditures.