Economic Basics

3. the amount of goods and services consumers are willing and able to buy at certain prices
4. the amount of goods and services producers are willing and able to sell at certain prices
6. items available for consumption
8. the father of economics
10. The four factors of production used to make a good or service
12. the amount of money earned from the sale of goods and services
15. what is given up when a choice is made
17. items one must have to survive

1. items one desires but do not need
2. the book written by Adam Smith
4. the inability to satisfy all wants at the same time, requires choices to be made
5. something that changes someone's economic behavior
7. the skilled and unskilled workers who make goods and services
9. The combining of the four factors of production to make a good or service
11. The study of what people want and how they produce to get what they want
13. the selection of an item or action from a set of possible alternatives
14. the amount of money exchanged for a good or service, determined by the interaction of supply and demand
16. the amount of money a company makes after subtracting costs from revenue