Across
- 2. offering or expressing a choice
- 3. the act or process of making choices or decisions with a group of people, especially in business or politics
- 6. the condition that results because people have limited resources but unlimited wants
- 7. the exchange of one benefit or advantage for another that is thought to be better
- 10. The study of how people choose to use their limited resources to satisfy their unlimited wants
- 11. a conclusion derived through logic. - a phenomenon that follows and is caused by some previous phenomenon
- 12. the branch of economics that applies value judgments to data in order to recommend actions or policies. The goal is to advise how things ought to be done.
- 13. the behavior observed when individuals make choices solely based on subjective preferences.
- 14. the branch of economics that uses objective analysis to find out how the economy actually works
Down
- 1. a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking
- 4. A system used to manage limited resources for the production, distribution, and consumption of goods and services
- 5. something that motivates a person to take a particular course of action
- 8. required or expected to justify actions or decisions; responsible. - is completely responsible for what they do and must be able to give a satisfactory reason for it
- 9. you need to live within your means. And to live within your means, you must spend less than you make.