Economics: Chapter 1

1. ____ Markets; the markets where productive resources are bought or sold.
8. Process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship
9. Worth of a good or service as determined by the market
10. The capacity to be useful and provide satisfaction
11. The accumulation of those products that are tangible, scarce, useful, and transferable person to person
13. Dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period
14. Basic requirement for survival; includes food, clothing and/or shelter

1. Cost-___ analysis; way of thinking that compares the cost of an action to its benefits
2. The condition that results from society not having enough resources
3. ____ Markets; Markets where producers sell their goods and services to consumers
4. The tools, equipment, machinery, and factories used in the production of goods and services
5. An organized way of providing for the wants and needs of their people.
6. Way of expressing or communicating a need; a broader classification than needs
7. Work that is performed for someone
12. Gifts of natives or natural resources
13. An item that is economically useful or satisfies an economic want