Economics

5. takes place when factors of production perform only tasks they can do better or more efficiently than others.
7. is the ability for a good or service to be useful and give satisfaction. it is not fixed or measurable, it varies from one person to the next.
8. a basic requirement for survival.
9. something we would like to have but is not necessary for survival.
10. it is the sum of all the tangible economic goods that are scarce,useful, and transferable from one person to another.

1. is a measure of the amount of goods and services produced with a given amount of resources in a specific time period.
2. the sum of people's skills, abilities, health, knowledge, and motivation.
3. where individuals earn their income, where the factors of production are bought and sold.
4. refers to a worth that can be expresses in dollars and cents.
6. where individuals spend their income, where producers sell their goods and services.