Download Economics study of how we make decisions in a world where

Name: ____________________________________ Caine Period: _____ Date: 12/4/2008
Use your study guide and the text to complete this crossword
Across
5. things we would like to have
6. tangible products
8. the U.S. has this kind of economy
11. __________ markets are where productive resources are bought and sold
12. __________ resources are “gifts from nature”
14. study of how we make decisions in a world where resources are limited
16. __________ cost is the next best use of your time or money
17. economic __________ are simplified representations of the real world
20. things that are required for survival
21. the struggle between buyers and sellers to get the best product at the lowest price
Down
1. this occurs when we do not have enough resources to produce everything we would like to
have
2. alternative you face when you decide to do one thing rather than another
3. __________ markets are where producers offer goods and services for sale
4. nation’s human resources
7. a system in which private citizens own most or all of the means of production
8. __________ cost is the cost of making one more unit of additional output
9. in a free __________ system, competition is allowed to flourish
10. cost-benefit __________ requires you to compare the marginal costs and marginal benefits
of a decision
13. work that is performed for someone else
15. amount of money left over after all costs of production have been paid
18. __________ of labor is when a job is broken down into separate, smaller tasks
19. individuals who start new businesses
21. tools, machinery and buildings used to make other products