Economics 101

1. to protect a resource so it doesn’t run out.
3. people who do the work to make goods or provide services.
6. to exchange an item or service for something you don’t have.
7. is anyplace where two or more parties can meet to engage in an economic transaction.
9. the act of using goods and services.
11. a source of supply, support or help. (Take a look around you. We are surrounded by resources. Ex. desk, bath, phone etc).
13. is a perceived worth of a good or service.
14. the economic problem of having limited resources to meet unlimited wants and needs.
17. the potential benefits that an individual, business, or investor misses out on when choosing one alternative choice over another.
20. Capital resources are tools that a business uses to manufacture goods and provide services.
21. is the total satisfaction or benefit derived from consuming a good or service.
22. how well a business produces or makes its products.
23. not tangible or measurable costs such as time and resources that could have been used in another way.
24. how much people want a resource.
25. the amount of available resources.
27. is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts.

1. is any individual or organization that purchases goods or services for use rather than for resale or further production.
2. a community, of people of any kind, that produces, trades, and consumes. Production + Trade + Consumption.
4. the state of owing money.
5. the science that deals with the production, distribution, and consumption of wealth, and with various related problems of labor, finance, and taxation.
8. is the willingness to rely on another party or situation involving risk.
10. people focus on making certain things better or doing certain jobs well.
12. direct payments for goods or services. In other words, costs you can count.
15. when there are more of a good or service available than people want to buy.
16. Natural resources are raw materials found on and below the Earth’s surface. They are naturally occurring materials formed without any human intervention.
18. to produce or make something. idea + Resources + labor + capital
19. non-material or intangible goods that are used to satisfy consumer needs and wants.
26. items produced to satisfy the needs and wants of consumers.