Economics Crossword

A situation in which unlimited wants exceed the limited resources available. Scarcity forces tradeoffs.
The most desirable alternative given up as the result of a decision
alternatives that must be given up when one is chosen over another
is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions - marginal benefits equal or exceed the marginal costs
a graph that shows alternative ways to use an economy's productive resources
An economic system in which the government makes all economic decisions. There is no private ownership, consumer sovereignty, or competition.
Economic decisions are made by individuals or the open market. No government involvement, and therefore experiences many market failures.
economic system that combines both private ownership and government ownership of the means of production - this is the type of economic system we have in the U.S.
Goods and services are produced in better quality, quantity and speed when people focus on producing a few things instead of making everything they want by themselves.
making good use of available time or resources - technology and specialization make us more efficient
include Natural resources (land), human resources, capital resources and entrepreneurship
Resources that come from the earth
All human effort and skill used to produce goods and services. It can involve physical or intellectual skills. eg, teacher, gardener, plumber, mechanic.
The tools, equipment, and buildings that are used to produce goods and services
A person who organizes, manages, and takes on the risks of a business. Takes risks in order to make a profit.
a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers (ex: roads, police protection, highways, parks, schools, etc)
the act of government controlling business behavior through a set of rules or laws
a situation in which a market left on its own fails to allocate resources efficiently
government programs that protect people experiencing unfavorable economic conditions
An analyst would use this to answer the question, "What actions should we take now to reduce expenses in order to balance next year's budget?"
how people make choices with limited resources.
how an analyst would describe the economy at a given time - to describe "how things are"
a positive or negative reinforcement to take or not take an action
a way to compare the costs of an action with the benefits of that action; if the benefits outweigh the costs, the action is worth taking
there is never enough of everything to satisfy everyone - so we are forced to make choices as to what we want most
costs of something as far as money, time, and effort weighed against the benefits you gain from that action/expenditure of resources