Business

4. refers to when something is in insufficient supply
6. describes natural resources used in the production of goods and services
7. cost is what you give up when you choose to use your economic resources in a particular way
9. Jobs or tasks that we pay others to perform for us
11. price Is where the consumer is prepared to pay for and one the supplier is prepared to sell for
12. items that we consume to satisfy needs and wants

1. the ability to see opportunity, manage risk and coordinate resources effectively
2. the human effort used to produce goods and services
3. something that we want but don't need
5. includes resources made by people to assist in the production of goods and services
8. where the consumer is willing to buy at a particular price
9. when a producer or a supplier is able and willing to supply at a particular price
10. something that we need for everyday survival