Economics Vocabulary

2. Payment for risk-taking or entrepreneurship
4. The condition of not being able to have all the goods and services one wants
8. Things of value we have that are in limited supply
10. The Father of Marginal Thinking (2 words)
13. The change in total benefit resulting from an action (2 words)
14. The change in the utility from an increase or decrease in the consumption of that good or service (2 words)
18. The change in total cost resulting from an action (2 words)
20. Monetary (Money) or non-monetary gain or received because of an action taken or a decision made
21. Goods and/or services that are required

1. The condition that arises from unlimited wants and limited resources
3. Payment for all capital
5. The second-best alternative (or the value of that alternative) that must be given up when making a choice. (2 words)
6. A conclusion reached after considering alternatives and their results
7. Wrote the Wealth of Nations on Rational Maximizing (2 words)
9. The satisfaction or benefit derived by consuming a product
11. Desires that can be satisfied by consuming or using a good or service
12. Result in giving up something of value to get what is most wanted
15. What must be given up to obtain something.The effort, loss or sacrifice necessary to achieve or obtain something
16. Any action that one person or group does for another in exchange for payment
17. Physical improvement resource
19. Any items that can be bought or sold