Economic Concepts

7. All the components needed for production including natural resources, labor, capital goods, and expertise
10. The study of behavior and decision-making of individuals and businesses in an economy
12. One who actually uses the product or service
14. Choosing between two things that can't be had or done at the same time
16. Cost The loss of potential gain from among other alternatives when one alternative is chosen
17. The study of behavior, performance, structure, and decision-making of an economy as a whole
18. Want Desires that don't require money to be obtained
19. The reality that people's wants always exceed the resources available to fulfill those wants
20. The decrease in the general level of prices in an economy

1. The total amount of goods and services used by an economy
2. The physical assets used to produce goods and services
3. The study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services
4. To categorize, sort, and transport goods to all their final destinations
5. The making of products from raw materials and other inputs like labor
6. The using of goods and services by people or by the economy in general
8. Utility Something's usefulness and the degree to which wants are satisfied
9. Want Desire for goods, services or intangible items that can be only acquired by spending money
11. The increase in the general level of process in an economy
13. Reducing the amount of money spent in order to save money
15. Good A good or service that has a benefit to society, has a value and therefore can be traded and exchanged using money, and has degree of scarcity
21. Resources Materials and substances found in nature that are used for economic gain