Economic

3. - The demand for a good or service is greater than the availability of the good or service.
6. - In economics, land is considered a factor of production, similar to labor, as one of the crucial elements in creating goods and services.
7. - Anything needed for survival; food, shelter, water.
8. Cost - The value of the next-highest-valued alternative use of that resource.
11. Possibilities Frontier - A graph that shows all the different combinations of output of two goods that can be produced using available resources and technology.
12. - An individual who identifies a need in the marketplace and works to fulfill it.

1. - Something that is desired.
2. - The amount of physical, mental, and social effort used to produce goods and services in an economy.
4. - In economics to refer to the fact that budgeting inevitably involves sacrificing some of X to get more of Y.
5. - Something, often money or a prize, offered to make someone behave in a particular way.
9. Resources - Land, Labor, Capital, and Entrepreneurship.
10. - Any financial asset that is used. Examples: money in a bank account, money from selling stock shares, money from selling bonds.