Economics Unit 1

6. Tangible resources made up of facilities, machinery, equipment and money.
9. Resources that lack the physical properties.
10. The use of a bare minimum of resources to achieve a desired end, such as consumption.
11. The study of the way society makes decisions about the use of scare resources.
12. Another name for a Market Economy, coming from resources being privately owned.
13. A Canadian television show where entrepreneurs pitch their idea to potential investors.
14. The Bedouin of the Sahara desert, along with other indigenous tribes, employ this type of economy.
15. As no system is as effective or efficient as they could be, and with the arrival of the information age, political leaders can pick the best elements of each economic system, resulting in very few _____ ________ ________ existing today.

1. The sum of all that is lost from taking one course of action over another or of producing one item measured in terms of another that could have been produced with the same resources.
2. This economic goal of Canada is described as having a stable government, which helps with long-term planning and consistency in policies, among other things.
3. The set of laws, institutions, and common practices that help a nation determine how to use its scarce resources to satisfy as many of its people's needs and wants as possible.
4. Intangible resources made up of science, applied technology, experience, education & training.
5. Anything that can be used to create of manufacture valuable goods or services.
6. A central planning authority answers the basic production questions in this type of economy.
7. Resources with physical properties that can be seen, touched and easily quantified.
8. A particular use of resources that achieves a desired end, such as consumption.