Unit 1: Business & Economic Basics Crossword

Things that you must have in order to survive.
Things that you do not have to have to survive, but would like to have.
Physical products that you can see and touch.
Tasks or actions that businesses, people, or machines perform for consumers.
The means through which goods and services are produced are called economic ___________.
Economic Resources are sometimes referred to as ___________.
Raw materials from nature that are used to produce goods, such as trees, minerals, animals, etc. are called ________ resources.
People who make the goods and services for which they are paid, such as factory workers, chefs, farmers, etc. are __________ resources.
Any human-made resource that is used to produce other goods and services, such as money, trucks, machinery, etc. are ___________ resources.
Not having enough resources to satisfy all of our wants and needs.
The highest-valued, next-best alternative that we are forced to sacrifice in order to satisfy another want or need is called ________.
The methods societies use to distribute resources.
An economic system in which economic decisions are made in the marketplace.
An economic system in which a central authority, such as the government, makes the key economic decisions
An economy that contains both private and public enterprises.
The amount of money given or asked for when goods and services are bought or sold.
The quantity of a particular good or service a PRODUCER (business) is willing and able to SELL at various prices.
The quantity of a particular good or service a CONSUMER is willing and able to BUY at various prices at a particular time.
The point at which supply and demand are equal is called ________.
Many consumers want a particular service when its price goes ______.