fundamental economics

3. risk-taking individual in search of profits
5. market where the factors of production are bought and sold
6. to come together
8. sum of people’s skills, abilities, health,
10. value of a nonessential item and the low value of an essential item
14. and transferable to others
15. people with all their efforts, abilities and skills
17. and transferable from one person to another
19. market where goods and services are bought and sold
20. tangible economic product that is useful, relatively
22. work or labor performed for someone
23. tools, equipment, and factories used in the production of goods and services
25. ability or capacity of a good or service to be useful and give satisfaction to someone
26. meeting place or mechanism that allows buyers and
28. increase in a nation’s total output of goods and services over time
30. natural resources or other “gifts of nature” not created by human effort

1. a good that wears out or lasts for fewer than three years when used regularly
2. productive resources that make up the four categories of land, capital, labor, and entrepreneurs
4. basic requirement for survival, including food, clothing, and shelter
7. and motivation
9. apparent contradiction between the high
11. a good that lasts for at least three years when used regularly
12. fundamental economic problem of meeting people’s virtually unlimited wants with scarce resources
13. measure of the amount of output produced with a given amount of productive factors
16. dollar value of all final goods, services, and structures produced within a country’s borders during a one-year period
18. good intended for final use by consumers rather than businesses
21. something we would like to have but is not necessary for survival
24. work or labor performed for someone
27. social science dealing with how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
29. sum of tangible economic goods that are scarce,