Basic Economic Concepts

4. Refers to the "gifts of nature", or natural resources not created by humans.
6. An item that is economically useful or satisfies an economic want.
7. Intended for final use by individuals.
8. Work that is performed for someone.
9. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
15. The tools, equipment, machinery, and factories used in the production of goods and services.
16. The markets where productive resources are bought and sold.
17. The capacity to be useful and provide satisfaction.
19. Resources required to produce the things we would like to have.
20. A risk-taker in search of profits who does something new with existing resources.

1. Manufactures goods are used to produce other goods and services.
2. The quality of life based on the possession of the necessities and luxuries that make life easier.
3. The sum of skills, abilities, health, and motivation of people.
5. People with all their efforts, abilities, and skills.
8. The condition that results from society not having enough resources to produce all the things people would like to have.
9. Markets where producers sell their goods and services to consumers
10. Takes place when work is arranged so that individual workers do fewer task than before.
11. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
12. A measure of the amount of output produced by a given amount of inputs in a specific period
13. Economies rely on other economies to provide goods and services.
14. Goods and services that are useful, relatively scarce, and transferable to others
18. A way of expressing a need.