Economics

5. potential loss owed to a missed opportunity
9. the total satisfaction received from consuming a good or service
12. amount of physical, mental, and social effort used to produce goods and services in an economy
13. something needed to survive
15. the activity of setting up a business or businesses, taking on financial risks in the hope of profit
17. a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources

1. state of being scarce
2. assets used for the production of goods and services
3. items that satisfy human wants and provide utility
4. natural resources, human resources, capital resources
6. financial motivations for people to take certain actions
7. a measure of the benefit provided by a good or service to an economic agent
8. a transaction in which no physical goods are transferred from the seller to the buyer
10. any situation where making one choice means losing something else; similar to "opportunity cost"
11. something that is desired
14. an accumulation of valuable economic resources that can be measured in terms of either real goods or money value
16. resource encompassing the natural resources used in production