Fundamental Economics Vocabulary

2. the condition where unlimited human wants face limited resources
3. a limited resource including minerals, vegetation, animal life, and climate
5. the accumulation of goods that are tangible, scarce, useful, and transferable to another person
7. risk-takers who combine land, labor, and capital into new products
10. means by which something is produced and includes money, tools, equipment, machinery, and factories
12. the money, time, or resources a person gives up to make their final choice
13. a cost or benefit that motivates a decision or action by consumers, workers, firms, or other participants in the economy
14. the four factors of production required to produce goods and services
16. the alternative choices people face when making an economic decision
17. work performed for someone and are intangible

1. the combination of goods and/or services that can be produced when all productive resources are used
4. a good's or service's ability to provide satisfaction, which varies with the needs and wants of each person
6. something that is required for survival
8. workers who apply their effort, abilities, and skills to production
9. worth expressed in dollars and cents
11. items that are economically useful or satisfy an economic want
15. something that is desired for satisfaction