using economics models

3. - is an economic system that provides individuals the opportunity to make their own economic decisions.
5. - takes place when factors of production perform only tasks they can do better or more efficiently than others.
8. - the sum of people’s skills, abilities, health, knowledge, and motivation.
9. - is a consequence of specialization or the division of labour.
12. - is a way of organizing work so that each worker or work group completes a separate part of the overall task.
14. - the quality of life based on the ownership of the necessities and luxuries that make life easier.
15. - is a mathematical structure that models institutions through which economic activity is guided and coordinated.

1. - a way of comparing the benefits of an action to the expected costs.
2. - where all of the factors of production are bought and sold.
4. - is the marketplace where final goods or services are sold to businesses and the public sector.
6. - a thing that is accepted as true or as certain to happen, without proof.
7. - a simplified equation, graph, or figure that shows how something works.
10. - occurs when a nation’s total output of goods and services increases over time.
11. - a measure of the amount of goods and services produced with a given amount of resources in a specific period of time.
13. - by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another.