Economics

2. a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources
6. anything that motivates a person to do something
7. the potential loss owed to a missed opportunity
12. an accumulation of valuable economic resources that can be measured in terms of either real goods or money value
14. the activity of setting up a business or businesses, taking on financial risks in the hope of profit
15. something needed to survive
16. amount of physical, mental, and social effort used to produce goods and services in an economy
17. any situation where making one choice means losing something else; similar to opportunity cost

1. a transaction in which no physical goods are transferred from the seller to the buyer
3. assets used for the production of goods and services
4. items that satisfy human wants and provide utility
5. natural resources, human resources, capital resources
8. the total satisfaction received from consuming a good or service
9. state of being scarce
10. something that is desired
11. economic value is a measure of the benefit provided by a good or service to an economic agent
13. resource encompassing the natural resources used in production