Economics Concepts

5. Something like air, food, or shelter that is necessary for survival
6. Any human-made resource that is used to create other goods or services
7. A situation in which a good or service is unavailable
9. The most desirable alternative given up as the result of a decision
10. An arrangement that allows buyers and sellers to exchange things
12. Anything that serves as a medium of exchange, a unit of account, and a store of value
13. The process used to produce a good or services
15. The effort that people devote to a task for which they are paid

1. The financial gain made in a transaction
2. Limited quantities of resources to meet unlimited wants
3. Actions or activities one person performs for another
4. An item that we desire but is not essential to survival
8. An ambitious leader who combines land, labor, and resources to create and market new goods or services
11. The study of how people seek to satisfy their needs and wants by making choices
14. Physical objects such as clothes or shoes