Economics

4. a desire for a good or service that is not necessary for survival but improves quality of life.
6. a graph that illustrates the maximum possible output combinations of two goods or services an economy can produce given its available resources and technology.
8. a basic requirement for survival and well-being
9. all natural resources used in production, including the physical ground, minerals, water, forests, and even air.
10. In economics, scarcity is the fundamental concept that unlimited human wants and needs exist within the context of limited resources.
11. the process of creating new ventures, taking on financial risks, and identifying market opportunities to generate profit.
12. resources necessary to produce goods and services.

1. something that motivates or encourages a person to do something, often by offering a reward or a cost to influence behavior.
2. a fundamental factor of production, referring to the collective physical and mental effort that humans contribute to the creation of goods and services.
3. It is considered a fundamental factor of production, alongside labor and land, and its investment increases productivity and economic growth.
5. the value of the next best alternative that is given up when a choice is made.
7. the act of giving up one benefit or alternative in order to gain another, which is often a result of limited resources.