Economics Vocab

3. markets in which productive resources are bought and sold
5. amount of output produced in a specific time period with giving resources
7. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
9. comparison of the cost of an action to its benefits
11. market in which goods and services are bought and sold
13. Nations increase of output of goods
14. quality of life based on ownership of necessities and luxuries that make life easier
15. tasks to the workers, factories, regions, or nations that can perform them most efficient

1. mechanism through which buyers and sellers of an economic product come together
2. mutual dependence of the economic activities of one person
4. people's abilities, health, and skills
6. market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
8. different workers working on separate task
10. something taken for granted; something we think is true
12. process