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Economics Chapter 1

Name:______________________________
Across
Something we would like to have but is not necessary for survival
Simplified representation of the real world which shows people's reactions to changes in the economy
Activities done for others for a fee
meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global
A social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
The resources of land, labor, capital, and entrepreneurship
The value of the next best alternative that had to be given up for the alternative that was chosen
market in which goods and services are bought and sold
All of the property people use to make other goods and services
Down
Basic requirement for survival
The items that people buy
Exchanging one thing for the use of another
The ability of individuals to start new businesses, to introduce new products and techniques, and to improve management techniques
All of the activity in a nation that together affects the production, distribution, and use of goods and services
assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently
The ability to produce greater quantities of goods and services in better and faster ways
markets in which productive resources are bought and sold
Work that people do
Fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants
Refers to natural resources