Vocabulary

2. This is one of factors of production (productive resource), referring to anything that is taken from the earth during the production of a good or service.
4. This is an additional or extra benefit associated with an action
7. This is one of the main factors of production. It is the measure of the work done by people.
8. Anything that brings value
9. This is the process of separating the tasks in the process of production and assigning tasks to different workers.
13. This is equipment and factories used in the production of goods and services.
15. Any factor, usually financial, to influence one choice over another by an individual or business.
17. Not using all of the productive resources available
19. This is the act of buyers and sellers freely and willingly engaging in market transactions.
20. This is when resources are limited and the need for a good or service is higher for a society than what is produced.
23. Land, labor, capital, and entrepreneurship
24. This is when each worker performs a specific task in production
25. This is an economic situation related to opportunity cost in which one thing is given up in order to do something else.

1. A tool or equipment used to produce other goods.
3. Method of distribution of goods and services
5. Using all of the productive resources to their full potential
6. When marginal benefits are greater than marginal costs.
10. This is the value lost when one alternative is chosen over another
11. Something that is not vital to sustain life
12. This is a person who takes the risk of a new business enterprise.
14. The study of choices and how a society allocates scarce resources
16. This is the change in the total cost of an item that occurs when the quantity produced changes by one unit.
18. Something is vital to sustain ones life
21. Anything that takes away something from you (Time, Money,Opportunity)
22. These are the factors of production used in the making of goods and services