Economics

2. – workers who apply their effort, abilities, and skills to production
3. resources (4 factors of production), combined result in production and are often referred to a simply “resources”.
4. cost - the cost of the next best alternative among a person’s choices
5. – means by which something is produced and includes money, tools, equipment, machinery, and factories.
8. are required for survival
9. are desired for satisfaction
12. who combine land, labor, and capital into new products

1. the alternative choices people face in making an economic decision
6. a cost or benefit that motivates a decision or action by consumers, workers, firms or other participants in the economy.
7. a limited resource including minerals, vegetation, animal life and climate
10. refers to the limited availability of a resource in comparison to the limitless wants
11. possibilities frontier, combinations of goods and/or services that can be produced when all productive resources are used