Economics Intro

3. Human effort used in the production of goods and services.
9. The economic problem of unlimited wants but limited resources.
11. Economies of _______Lowering cost per unit by producing in larger quantities.
12. Cost The next best alternative given up when making a choice. (2 words)
13. the amount of money spent by an individual, business, or government to buy goods and services.
14. Non-essential items we would like to have.
18. The natural resources used to produce goods and services.
19. Money spent by individuals or businesses.
22. Goods and services brought into a country from overseas.
23. Activities performed to satisfy needs and wants.
24. Money earned by individuals for their work.
25. How scarce resources are distributed among producers and consumers.
26. A general rise in prices over time.
28. The skill of organising the other factors of production.
29. The condition of being without a job and actively seeking work.
31. Things essential for survival, like food and water.

1. A place where buyers and sellers exchange goods and services.
2. The amount of money required to purchase goods or services.
4. Flow The movement of money, resources and goods in an economy. (2 words)
5. Living _______ The quality of life and access to goods and services of people in a country.
6. The buying and selling of goods and services between countries.
7. Manufactured resources like machines and tools used in production.
8. A person who buys and uses goods and services.
10. Physical items produced to satisfy needs and wants.
11. Extra goods produced beyond local consumption needs.
15. Focusing on producing one good or service efficiently.
16. The total value of goods and services produced in a country in a year.
17. Economic _______ How well an economy is doing using various indicators.
20. Goods and services sent to other countries for sale.
21. Relying on others to satisfy needs and wants.
27. Items or effort used to produce goods and services.
30. Someone who makes or provides goods or services.