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Vocab 1

Creator: Reanna Craig
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Across
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All human made resourced that are used to create other goods and services
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The study of how people seek to satisfy their needs and wants by making choices
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Actions of activities that one person performs for one another
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The effort people devote to a task for which they are paid
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To an economist, the alternative that is given up because of a decision
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Law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases
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The most desirable alternative given up as the result of a decision
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The skills and knowledge gained by a worker through education and experience
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Deciding whether to do or use one additional unit of some resource
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Ambitious leader who combines land, labor, and capital to create and market new goods and services
Down
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Limited quantities of resourced to meet unlimited wants
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A phrase that refers to the trade off that nations face when choosing whether to produce more or less military or consumer goods
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Something like food, air, or shelter that is necessary for survival
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A situation in which a good or service is unavailable
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Psychical objects such as clothes and shoes
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Using fewer resources than an economy is capable of using
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Land, labor, and capital; 3 groups of resources that are used to make all goods and services
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Using resources in such a way as to maximize the production of goods and services
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An alternative that we sacrifice when making a decision
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All human made goods that are used to produce other goods and services
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Natural resources that are used to make goods and services
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An item that we desire, bus is not needed for survival