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Economics Chapter 1

Name:_________________________________

Date:_____________ Period:_________
Across
Tools, equipment, and factories used in the production of goods and services
Apparent contradiction between the high value of a nonessential item and the low value of an essential item
People with all their efforts, abilities, and skills
Monetary worth of a good or service as determined by the market
Assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently
Something we would like to have but is not necessary for survival
Measure of the amount of output produced in a specific time period with a given amount of resources
Monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period
Good that wears out, is used up, or lasts for fewer than three years when used regularly
A good that lasts for at least three years when used regularly
Type of Market in which goods and services are bought and sold
Fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants
Work or labor performed for someone
A social movement that was aimed at promoting the interests of consumers
Down
Meeting place or mechanism through which buyers and sellers of an economic product
Alternative that must be given up when one choice is made rather than another
Natural resources or “gifts of nature” not created by human effort
Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
The division of work into a number of separate tasks to be performed by different workers
Type of Markets in which productive resources are bought and sold
An increase in a nation’s total output of goods and services over time
Tool, equipment, or other manufactured good used to produce other goods and services
Sum of people’s skills, abilities, health, and motivation
Risk taking individuals who introduce new products or services in search of profits
Basic requirement for survival, including food, clothing, and shelter
A social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
Sum of tangible economic goods that are scarce, useful, and transferable from one person to another
Ability or capacity of a good or service to be useful and give satisfaction to someone
A good intended for final use by consumers other than businesses