What is Economics Vocabulary Review 2

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Across
  1. 2. The use of resources in such a way as to maximize the output of goods and services.
  2. 8. An economic system that relies on habit, or custom to decide the three economic questions.
  3. 9. The use of fewer resources than an economy is capable of using.
  4. 11. Level of economic prosperity.
  5. 12. A graph that shows alternative ways to use an economy’s productive resources.
Down
  1. 1. A line on a production possibilities curve that shows the maximum possible output.
  2. 3. Set of government programs that protect people who face unfavorable economic conditions.
  3. 4. Income people receive in return for supplying factors of production.
  4. 5. As production shifts from one good to another, more resources are needed for the second.
  5. 6. The process of bringing new methods, products or ideas into use.
  6. 7. The structure of methods and principles that a society uses to produce and distribute goods and services.
  7. 10. Income minus expenses.