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Ch. 1 - What is Economics?

Mr. Kenzor
Across
Work or labor performed for someone
Assignment of tasks to the workers, factories, regions or nations that can perform them most efficiently
Apparent contradiction between the high value of a nonessential item and the low value of an essential item
Meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product
Quality of life based on ownership of necessities and luxuries that make life easier
Monetary worth of a good or service as determined by the market
Mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region or nation
Simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
Division of work into a number of separate tasks to be performed by different workers.
People with all their abilities and efforts
Monetary value of all final goods, services, and structures produced within a country's national borders during a one-year period
Ability or capacity of a good or service to be useful and give satisfaction to someone
Down
Tools, equipment, and factories used in the production of goods and services.
Something we would like to have but is not necessary for survival
A social movement that was aimed at promoting the interests of consumers
Comparison of the cost of an action to its benefits
Productive resources needed to produce goods; the four factors are land, capital, labor, and entrepreneurship
Cost of the next best alternative use of money, time or resources, when one choice is made rather than another
Market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
Natural resources or "gifts of nature" not created by human effort
Basic requirement for survival, including food, clothing and shelter
Increase in a nation's total output of goods and services over time
Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
Fundamental economic problem facing all societies, resulting from a combination of scarce resources and people's virtually unlimited needs and wants
Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs