Unit 1 Bonus Crossword

Study of how to best allocate scarce resources to satisfy peoples' insatiable wants
Something that motivates people to take a particular course of action.
Resources needed to fill societies economic desires are limited.
Anyplace where people can buy or sell resources/goods & services
A tangible (physical) item that has been produced for sale/use
An intangible item produced for sale/use
“Gifts of Nature” – The natural resources used to produce goods and services
Tools, machines, buildings, money, etc. used to produce goods/services.
Human innovation which discovers new/better ways to make goods/services.
A measure of how efficiently factors of production are being used to create goods and services.
The benefit/satisfaction people get when consuming goods & srvices
The cost of the next best alternative when faced with an economic decision.
Human factor of production – the time and effort people use to create goods/services.
Organized system in which a society meets (answers) the three basic economic questions
Market where households are given payment for their factors of production
Market where firms are given payments for their goods and services
An economy with private ownership of land and capital
An economy where land and capital are owned by society through a government
Belief that markets should be free of government intervention.
A voluntary exchange in which two parties give up something to get something else they want.
Approach to production in which individual workers become highly skilled at a specific task.
The ability to perform a task at a lower opportunity cost than someone else.
The ability to perform more tasks, or produce more G/S, than someone else.