Vocab Economics - 1

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Across
  1. 3. (10 letters): A production method where a business focuses on a limited range of products or services for efficiency.
  2. 4. Clues
  3. 6. (12 letters): A person who starts and runs a business, taking on financial risks.
  4. 7. (5 letters): Essential requirements for survival, such as food and shelter.
  5. 10. (7 letters): Man-made resources like tools and buildings used in production.
  6. 13. POSSIBILITIES CURVE (26 letters): A graph illustrating the maximum combinations of goods and services producible with available resources and technology.
  7. 14. Clues
  8. 15. (5 letters): Desires that are not necessary for survival.
  9. 16. (5 letters): Human effort and skills utilized in production.
Down
  1. 1. COST (16 letters): The value of the next best alternative given up when a choice is made.
  2. 2. (8 letters): An individual who buys goods and services for personal use.
  3. 5. (4 letters): Natural resources such as forests and minerals used in production.
  4. 8. (8 letters): The economic problem of having limited resources to meet unlimited wants and needs.
  5. 9. (5 letters): Tangible items used to satisfy wants and needs.
  6. 11. (7 letters): Work performed for others as economic output.
  7. 12. (9 letters): An acronym for "There Is No Such Thing As A Free Lunch," highlighting that everything has a cost.
  8. 14. OF LABOR (15 letters): Assigning different parts of a task to different people to increase efficiency.