Econ 1

4. person who takes a risk or gamble in starting a business using factors of production
5. money that is used to start a business/ buy capital goods along with land and labor
8. basic necessities with the economy → food, clothing and shelter
9. buying and selling of the finished goods within the economy part of GDP
12. limitation of products and resources that influences supply and demand in economy
14. total of all new goods, services, and structures produced within the economy
15. land, labor, capital, entrepreneurship - things needed to start a business
16. buying products to impress others - another name for a want

1. buying and selling of natural resources used to produce finished goods in the economy
2. products that last for a short period of time - food, clothes and hygiene products
3. basic equation of economics - quantity vs. want within the economy
6. capital that flows from the markets to the businesses and consumers
7. the study of money, how to earn, spend and more importantly invest - $ makes $
10. equipment and machinery purchased with financial capital in running a business
11. products that last for a long period of time - such as appliances, cars and furniture
13. usually luxury or materialistic goods used as a status symbol in economy to impress others