Basic Economic Concepts

3. The condition that results from society not having enough resources to produce all the things people would like to have.
4. An item that is economically useful or satisfies an economic want.
5. Goods and services that are useful, relatively scarce, and transferable to others
7. A measure of the amount of output produced by a given amount of inputs in a specific period
8. The tools, equipment, machinery, and factories used in the production of goods and services.
10. Resources required to produce the things we would like to have.
12. Work that is performed for someone.
14. A way of expressing a need.
16. The quality of life based on the possession of the necessities and luxuries that make life easier.
17. Economies rely on other economies to provide goods and services.
19. The sum of skills, abilities, health, and motivation of people.
21. A risk-taker in search of profits who does something new with existing resources.
22. Intended for final use by individuals.

1. Takes place when work is arranged so that individual workers do fewer task than before.
2. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
6. The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
9. The markets where productive resources are bought and sold.
11. Manufactures goods are used to produce other goods and services.
13. People with all their efforts, abilities, and skills.
15. Refers to the "gifts of nature", or natural resources not created by humans.
18. Markets where producers sell their goods and services to consumers
20. The capacity to be useful and provide satisfaction.