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Chapter 1

What is Economics?

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Across
4.workers
6.things that can be seen, touched, and bought or sold
8.the four things needed to produce goods and services: natural resources, labor, capital, and entrepreneurs
10.the use of resources to produce only a single or a few kinds of good or services.
11.the use of science to create new or better goods and services or more efficient methods of production
12.human-made things, such as machines and tools, that are used to produce goods and services.
Down
1.the study of how people, businesses, and governments choose to use their limited resources.
2.things provided by nature, such as wood, oil and coal, that can be used to produce goods and services.
3.the amount of good and services produced by a worker or business ub a given time period.
5.whatever is given up when a choice must be made; a trade off.
7.People who come up with the ideas for producing goods and services. They are willing to take the risks of going into business.
9.not enough of a certain resource to satisfy people's needs and wants

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