JA Chp. 1 Word Scramble
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| Question | Answer |
| The father of economics. Wrote “Wealth of Nations” which promoted “the invisible hand” theory. | Adam Smith |
| The gains that result when a choice is made. | Benefits |
| The buildings, tools, and machines people create and use to produce final goods and services. | Capital |
| Latin for “all else being equal”; a fundamental assumption in many economic models | ceteris paribus |
| The process of using a product or service. | Consumption |
| The losses that result when a choice is made. | Costs |
| A negative or withdrawn reward. | disincentive |
| The process of getting a product or service to consumers. | distribution |
| A social science that studies how people decide to use scarce resources to satisfy their wants. | economics |
| The imagination, innovative thinking, and management skills needed to start and operate a business. | Entrepreneurship |
| The land, labor, and capital resources used to produce goods and services. | factors of production |
| A positive reward that results from making a choice or behaving in a certain way. | incentive |
| The physical and mental efforts people use to create goods and services. | labor |
| Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water. | land |
| The study of the economy as a whole. | macroeconomics |
| The extra or additional costs or benefits of a decision. | marginal |
| An arrangement that allows buyers and sellers to make exchanges. | market |
| An economy that relies on voluntary trade as the primary means of organizing and coordinating production. | market economy |
| The study of individual consumers and businesses. | microeconomics |
| The highest valued alternative given up as a result of making a choice. | opportunity cost |
| A process that combines economic resources so the result is a good or service that is available for sale. | production |
| A positive difference between total sales and total costs. | profit |
| Resources and products owned by government. | public property |
| Exchanging something for something else. | trade |
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