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Economics Q1 Vocabulary Review

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Across
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Anything taken from nature for use in the production of goods or services
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The basic elements from which all goods and services are produced
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Economy in which decisions are made by customs
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The willingness of people to organize, operate, and assume the risks involved with business ventures
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A group of people who share a common bond
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The prospect of a reward or punishment that influences decisions
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Physical items produced in an economy
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When we desire more of something than we can have
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Things that are desired but not essential to life
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Economy in which all economic decisions are made by buyers and sellers
Down
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The time and effort people contribute to the production process
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Production falls on the PPF curve
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The minimal amount of food, water, and shelter that are necessary for survival
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Father of Economics
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The value of the next best alternative given up when a choice is made
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Economy in which all economic decisions are made by central planners
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The placement of limits on the amount of goods each person can purchase
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The study of choice under conditions of scarcity
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A system for coordinating the production and distribution of goods and services
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A society's goal to be fair and just