Intro to Econ

4. This means that everything has a cost, whether it is time, money, or effort.
5. Resources used to produce goods that may be renewable or nonrenewable.
6. An economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit.
9. A cost or benefit that leaves the consumer better off.
12. A cost or benefit that has an unintended and undesirable result which is contrary to an individual’s interests.
13. The study of the sum total of all microeconomic aspects that impact the overall economy.
14. The study of how people make choices to satisfy their wants and needs.
16. Making a decision when faced with two or more possibilities.
18. Innovators and business owners that develop products and ideas to improve an industry.
20. The efforts of people in work.
21. Tangible items you purchase.

1. A cost or benefit that leaves the consumer worse off.
2. The study of economics that focuses on the needs, desires and buying habits of the individual consumer based on the factors of supply and demand.
3. The desires that people have.
7. The value of whatever we give up in order to get/do something else.
8. When you choose one thing over another.
10. When there are limited quantities of resources to meet unlimited needs or desires.
11. Actions or activities that are done for others for a fee.
15. The equipment used to make goods.
17. A cost or benefit that motivates a person to make a decision.
19. The basic necessities that a person must have in order to survive.