Description

-as an economic concept "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."
The idea of want can be examined from many perspectives. In secular societies want might be considered similar to the emotion desire, which can be studied scientifically through the disciplines of psychology or sociology.
A need is something that is necessary for an organism to live a healthy life. Needs are distinguished from wants. In the case of a need, a deficiency causes a clear adverse outcome: a dysfunction or death
are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
the resource that encompasses the natural resources used in production. ... Land was considered to be the “original and inexhaustible gift of nature.” In modern economics, it is broadly defined to include all that nature provides, including minerals, forest products, and water and land resources.
is the amount of physical, mental, and social effort used to produce goods and services in an economy. It supplies the expertise, manpower, and service needed to turn raw materials into finished products and services.
To an economist, capital usually means liquid assets. In other words, it's cash in hand that is available for spending, whether on day-to-day necessities or long-term projects.
is used for an entity which has the ability to translate inventions or technologies into products and services. In this sense, entrepreneurship describes activities on the part of both established firms and new businesses.
is anything that motivates a person to do something. When we're talking about economics, the definition becomes a bit narrower: Economic incentives are financial motivations for people to take certain actions.
the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. ... Understanding the potential missed opportunities foregone by choosing one investment over another allows for better decision-making.
any situation where making one choice means losing something else, usually forgoing a benefit or opportunity.

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Economic Terms

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Unit 4 Review

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ECONOMIC JARGON

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Frequently Asked Questions

What is a crossword?

Crossword puzzles have been published in newspapers and other publications since 1873. They consist of a grid of squares where the player aims to write words both horizontally and vertically.

Next to the crossword will be a series of questions or clues, which relate to the various rows or lines of boxes in the crossword. The player reads the question or clue, and tries to find a word that answers the question in the same amount of letters as there are boxes in the related crossword row or line.

Some of the words will share letters, so will need to match up with each other. The words can vary in length and complexity, as can the clues.

Who is a crossword suitable for?

The fantastic thing about crosswords is, they are completely flexible for whatever age or reading level you need. You can use many words to create a complex crossword for adults, or just a couple of words for younger children.

Crosswords can use any word you like, big or small, so there are literally countless combinations that you can create for templates. It is easy to customise the template to the age or learning level of your students.

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How do I choose the clues for my crossword?

Once you’ve picked a theme, choose clues that match your students current difficulty level. For younger children, this may be as simple as a question of “What color is the sky?” with an answer of “blue”.

Are crosswords good for students?

Crosswords are a great exercise for students' problem solving and cognitive abilities. Not only do they need to solve a clue and think of the correct answer, but they also have to consider all of the other words in the crossword to make sure the words fit together.

Crosswords are great for building and using vocabulary.

If this is your first time using a crossword with your students, you could create a crossword FAQ template for them to give them the basic instructions.

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Can I create crosswords in other languages?

Crosswords are a fantastic resource for students learning a foreign language as they test their reading, comprehension and writing all at the same time. When learning a new language, this type of test using multiple different skills is great to solidify students' learning.

We have full support for crossword templates in languages such as Spanish, French and Japanese with diacritics including over 100,000 images, so you can create an entire crossword in your target language including all of the titles, and clues.