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Vocabulary: Utility, Diminishing Returns, and Comparative Advant Crossword
Down
:
1) The manufacture of the desired amount output with the minimum amount of effort, expense, or waste while taking account of the costs and benefits associated with a particular choice of what outputs to produce, and what inputs to use in producing them.
2) The amount of benefit or satisfactionreceived from each additional instance of consumption of a good or a service.
3) The benefit or satisfaction gained from the use of a good or service
4) An economic concept stating that using increasing amounts of a particular input in production, beyond a certain level, increases output less and less.
Across
:
5) Concentration of economic activity on the production of a few particular goods or services.
6) The tendancy for the marginal utility associated with each additional increment of the consumption of a good or service to diminish, as the consumer consumes a larger amount of a good or service.
7) The provision of the right amount of goods and services, taking into account consumer's preferences, the production possibilities provided by technology, and the scarcity of each of the production inputs used.
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