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Vocab 1

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