chapter 1 economics review

1. the study of how we try to satisfy unlimited wants and needs with limited resources
4. capacity to be useful
5. typically expressed in dollars and cents; "price" of the object
8. an economic concept that describes the unintended greater social benefits and public good brought about by individuals acting in their own self-interests
11. someone who uses goods and services to satisfy their wants and needs
12. a task someone is responsible to complete for someone else; i.e. oil change at a car mechanic
13. labor; capital; land; entrepreneurs
14. what to produce? how to produce? for whom to produce?
16. difference of costs to essential to non essential goods

2. products designed to satisfy people's wants and needs
3. used to produce other goods
6. scottish 18th century philosopher and economist who discovered the invisible hand
7. sum of skills; abilities; health and motivation of people
9. condition where unlimited human wants face limited resources
10. the cost of the best alternate use of money, time, or resources when one choice is made instead of another
15. alternative choices