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Eoconomics Ch 1 & 2

Across
The most desired trade-off of a decision
study of how individuals, businesses, and governments make choices with a limited supply of resources
limited amounts of goods and services are available to meet unlimited wants
something essential for survival
the resources used to make all goods and services
Each of the alternative options given up when making a decision
all natural resources used to produce goods/services
A market system blended with government involvement
knowledge and skills a worker gains through education and experience
Individuals and businesses own the FOP, make what they want, buy what they want
Down
actions that one person performs for another
physical objects that someone produces
human made objects used to create goods/services
To decide what and how much to produce, economists use what curve
something we desire but is not necessary for survival
fuel economic growth by producing new goods/services and hiring workers
the effort people devote to tasks for which they are paid
THE FATHER OF ECONOMICS
Any point on the curve is
The government, not individuals, decide what to produce, how to produce, and who gets what
Any point inside the curve is