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Unit 1: Intro to Econ (1.1/2/3+2.1)

Use PENCIL (not pen)
ALL boxes contain LETTERS (no spaces, hyphens, apostrophes etc)
Horizontales
The amount of money a business receives in excess of its expenses (2.1)
The knowledge and skills a worker gains through education and experience (1.1)
It increases when resources are used in a way that maximizes the output of goods and services (1.3)
The act of giving up one benefit in order to gain another, greater benefit (1.2)
According to the map, what does Germany face a shortage of? (1.1)
Describes the most desirable alternative somebody gives up as the result of making a decision (1.2)
This period of innovation, which took place in the 1700-1800's, greatly increased the efficiency of production (2.1)
Term that describes a set of programs governments use to protect people who faceunfavorable economic conditions (2.1)
It's the oldest and simplist type of economic system (2.1)
Phrase that refers to the trade-off that governments make between military and domestic spending (1.2)
Verticales
ANy human made resource that is used to produce other goods and services (1.1)
The most fundamental issue/problem that economics deals with (1.1)
The name economists give to the resources that are needed to make all goods and services (1.1)
The income people receive in return for supplying factors of production (2.1)
Something essential for survival (1.1)
Any point that is graphed INSIDE of the "production possibility frontier" indicates _____ (1.3)
THe person who combines factors of production in order to produce goods and services (1.1)
The study of how people seek to satisfy their needs and wants by making choices (1.1)