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Ch.1 Vocabulary

Across
The next best thing
When a good or service is unavailable
Any human made resource that is used to create a good or service
Necessary for survival
Using resources in such a way as to maximize the production of goods and services.
Land, labor, and capital
Natural resources
Physical objects
Actions or activities that serves another
Using fewer resources than an economy is capable of using
A leader who combines the factors of production
Down
Tools and buildings are
Limited quantities of resources
The alternative that is given up because of a decision .
An alternative we sacrifice when making a decision
Deciding whether to do or use an additional unit of some resource
The effort that people devote to a task for which they are paid
Knowledge and experiences are forms of
The study of how people seek to satisfy their needs and wants
More or less of military goods or consumer goods
An item that is desired but not necessary for survival