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Economics Ch. 1 Vocabulary

Across
Simplified representation of reality
A collection of people who share a common bond
Physical items produced in an economy
Time and effort people contribute to the production process
Study of choice under conditions of scarcity
Anything long lasting that is used in production
There is no opportunity to make someone better off without making someone worse off
The value of the next best alternative
System for coordinating the production and distribution of goods and services
Father of Economics
Activities produced in an economy
Down
Study of how people make decisions
Study of what the world is like
Anything drawn from nature
Collection of buyers and sellers
Wants are greater than availability
People willing to assume the risks involved with business ventures
Basic elements from which all goods and services are produced
Study of how the world should be
Study of the economy as a whole