Economics Key Words!

2. The alternative choices people face in making an economic decision.
3. A limited resources including minerals, vegetation, animal life and climate.
5. Condition where unlimited human wants face limited resources.
6. A curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources.
11. Combining land, labor and capital to create new products and services.
13. Items that satisfy human wants and provide utility
15. A good/service's ability to provide satisfaction of the needs and wants of each person.
16. Required for survival.

1. The natural, human, and capital re- sources used to make goods and services.
4. The means by which something is produced and includes money, tools, equipment, machinery, and factories.
7. The accumulation of goods that are tangible, scare, and useful and transferable to another person.
8. Workers who apply their effort, abilities, and skills to production.
9. Desired for satisfaction.
10. The potential benefit that is given up as you seek an alternative course of action.
12. A cost or benefit that motivates a decision or action by participants in the economy.
14. The measurement of the benefit derived from a good or service to an individual or a company.