Economics

2. the potential gain from other options that is lost when one is chosen.
4. the effort put forth to generate commodities and services in an economy on a physical, intellectual, and social level.
5. factor of production, similar to labor, as one of the crucial elements in creating goods and services.
8. the sector of the economy that is not under state control and is managed for profit by people and businesses.
9. the area of knowledge dedicated to wealth creation, consumption, and transfer.
11. resources, which people utilize to create commodities and services, serve as the foundation of the economy.

1. an individual who identifies a need in the marketplace and works to fulfill it.
3. the area of economics that focuses on broad, universal economic factors like interest rates and productivity at the country-level.
6. the area of economics that focuses on individual factors and how decisions are affected by them.
7. the condition of being in little supply or scarce.
10. wealth is the possession of cash or other assets by an individual or group that may be used for a certain purpose, such starting a business or investing.