EPF Crossword

What is the role of prices in a market economy?
Voluntary market exchange is a characteristic of what kind of economic system?
The_________ of goods and services describes how goods and services are generated.
A decision that involves doing a little more or a little less of something is called a
Marginal benefit is the ___________ benefit resulting from an action
The ___________refers to the specialization of labor based on specific activities—breaking big tasks into many tiny components:
_____________ is the process by which people use goods or services to satisfy their wants and needs.:
_______are tangible objects that an individual may want or need.
Adam Smith identified land, labor, and _________as the three main factors of production.
includes not only the site of production but also all the natural resources.
In a market economy, the basic economic decisions are driven by_____.
Which group of people ultimately determines the products that a command economy produces
is an example of a mixed economy. In this country, most decisions are decentralized because everyone makes decisions based on their self-interests.
The Former __________ ________- is an example of a command economy.
Scarcity exists when there are _________ resources available to satisfy all the competing uses.
_________ is the study of how individuals and societies make choices under the condition of scarcity
Economics assumes that human beings are self-interested and ________.
__________ is the study of the economy as a whole.
_________ is the study of how individuals, households, and businesses make choices.
Because there are only 24 hours in a day, our ______ is scarce.