Across
- 2. Production Possibility _______ - graph that shows alternative ways to use an economy’s productive resources
- 4. Production Possibility _______ - the combination of the production of two products or services
- 6. an item we desire but not needed for survival
- 7. an item produced and bought by consumers
- 9. an action or activity someone performs for someone else (hairstylist, dental hygenist)
- 10. type of capital where people with all of their efforts, abilities, and skills
- 14. study of how people try and satisfy their wants and needs by making choices
- 16. when consumers want more of a product than producers are willing to provide at certain prices
- 18. raw materials used in the production of goods and services
- 19. type of capital where tools are used to produce goods and services that will be sold
- 20. use of fewer resources than the economy is capable of using
Down
- 1. the effort that people contribute to the production of goods and services
- 3. use of resources in such a way to maximize the output (production) of goods and services
- 5. a risk taker who manages the factors of production (land, labor, capital) in search of profits
- 8. the most desirable alternative somebody gives up as the result of a decision
- 11. an item important for survival
- 12. unlimited wants and limited resources
- 13. the act of giving up one benefit in order to gain another, greater benefit
- 15. the extra cost of adding one unit, whether it be sleeping one extra hour or building one extra house
- 17. ____ or butter - describes one of the common choices facing governments: the choice between spending money on military or domestic needs