Econ Vocabulary

2. Something that we desire but that is not necessary for survival.
4. The extra benefit of adding one unit.
5. the effort people devote to tasks for which they are paid.
6. When consumers want more of a good or service than producers are willing to make at a particular price.
10. The study of how people seek to satisfy their needs and wants by making choices.
11. All natural resources used to produce goods and services.
13. Any human made resource that is used to produce other goods and services.
14. The extra cost of adding one unit.
16. Consumer goods.
17. Something essential for survival.

1. The act of giving up one benefit in order to gain another, greater benefit.
3. People who decide how to combine resources to create new goods and services.
7. The most desirable alternative somebody gives up as the result of a decision.
8. Military goods.
9. Limited amounts of goods and services are available to meet unlimited wants
10. an expert in economics
12. Physical objects that someone produces
15. Actions or activities that one person performs for another.