Fundamental Economics Vocabulary

4. something that is desired for satisfaction
5. a good's or service's ability to provide satisfaction, which varies with the needs and wants of each person
6. items that are economically useful or satisfy an economic want
8. the condition where unlimited human wants face limited resources
11. the alternative choices people face when making an economic decision
12. work performed for someone and are intangible
13. a cost or benefit that motivates a decision or action by consumers, workers, firms, or other participants in the economy
16. means by which something is produced and includes money, tools, equipment, machinery, and factories
17. the combination of goods and/or services that can be produced when all productive resources are used

1. risk-takers who combine land, labor, and capital into new products
2. the four factors of production required to produce goods and services
3. the accumulation of goods that are tangible, scarce, useful, and transferable to another person
7. the money, time, or resources a person gives up to make their final choice
9. workers who apply their effort, abilities, and skills to production
10. worth expressed in dollars and cents
14. something that is required for survival
15. a limited resource including minerals, vegetation, animal life, and climate