Economics Review Guide #1

4. People who use goods and services to satisfy wants and needs.
6. Money left after all the costs of production have been paid.
7. Something that has a worth in dollars & cents.
10. Risk-takers in search of profits, often innovators—people who create.
12. The condition that arises because society does not have enough resources to produce all of the things people would like to have.
14. A good used to produce other goods.
17. Alternative choices, things you could have chosen to buy instead of what you did.

1. System that combines the characteristics of more than one type of economy.
2. The study of human efforts to satisfy what appear to be unlimited and competing wants through the use of scarce resources.
3. The cost of not selecting the next best alternative.
5. Work that is done for someone, it is not tangible.
8. The sum of the economic products that are tangible, scarce, useful, and transferable.
9. System in which economic decisions are based on customs and beliefs that have been handed down from generation to generation.
11. The capacity to be useful to someone.
13. System in which the government controls the factors of production and makes all decisions about their use.
15. The founder of classical economics.
16. System in which individuals own the factors of production and freely make decisions about what to produce and what to consume.