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Unit 1 vocab

Economics
Across
Human effort used to make goods and services
Economic system with heavy reliance on government intervention
The study of an individual unit within an economy
Land, labor, capital, and entrepreneurial ability
The value of the 2nd choice that you had to give up in order to pursue the 1st
Person that takes the chance of bringing together land, labor, capital in order to make a profit
Goods purchased by individuals for final use
The study of how societies deal with the problem of scarcity
Something that humans must have to sustain life
Down
The type of economic system that relies on traditions and customs from the past
Idea that with competitive markets when people act in their self-interest it benefits all of society
Basic economy problem that describes the idea that resources are limited and peoples wants are unlimited
The study of economics from the viewpoint of the entire economy
Something that humans pursue in order to improve their life in some way
Diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed
Tools, factories, and machinery used in the production of consumer goods
Using all resources as productively as possible
Free market economist that wrote about the invisible hand
The type of economy that blends free markets with government intervention
Any natural resource used to make goods and services