Basic Economic Problem Crossword Puzzle

QUESTIONS LIST:

• needs : essential goods and services required for survival, such as food, water, and shelter.
• wants : non-essential goods and services that improve quality of life, such as holidays, designer clothing, and smartphones.
• scarcity : the fundamental economic problem where unlimited wants exceed limited resources.
• opportunity cost : the next best alternative forgone when a choice is made, e.g, a government choosing to build a hospital instead of a new road.
• factors of production : the four resources used to produce goods and services: land, labour, capital, and enterprise.
• enterprise : the factor of production that involves taking risks to organize resources and start a business, e.g, an entrepreneur setting up a café.
• geographical mobility : the ability of resources, especially labor, to move from one location to another, e.g, a teacher moving from glasgow to london for work.
• occupational mobility : the ability of workers to switch jobs or industries based on skills and qualifications, e.g, a factory worker retraining to become an electrician.
• capital : man-made resources used in production, such as machinery, tools, and factories.
• basic economic problem : the issue of how to allocate scarce resources to satisfy unlimited wants.