Exploring Economics

4. things that are desired but not essential to life.
5. minimal requirements of things that are necessary for survival.
7. a system for coordinating and distribution of goods and services.
10. include the four types of resources - land, labor, capital and entrepreneurship.
13. when you give up one thing to get something else.
14. the basic elements from which all goods and services are produced.
16. any long-lasting good that is used to make other goods or services.
17. exists if we desire more of something than we can have.
18. anything long lasting that is created by humans for use in production.

1. the study of choice under conditions of scarcity.
2. the willingness of people to assume the risks involved with business ventures.
3. anything drawn from nature for use in the production of goods and services.
6. a collection of people show share a common bond.
8. the value of the next-best alternative given up when that choice is made.
9. the skills and knowledge of workers.
11. physical items produced in an economy.
12. activities produced in an economy.
15. time and effort people contribute to the production process.