ECONOMICS

5. Goods and services produced using land, labor, and capital.
7. A person who organizes, manages, and takes on the risks of a business.
11. land, labor, capital, entrepreneurship
12. the skills and knowledge gained by a worker through education and experience
13. gifts of nature - air, soil, minerals, water, forests, plants, animals, birds, & fish.
15. Something put into a system, such as resources, in order to achieve a result.
16. Time and effort people devote to producing goods and services in exchange for wages.
17. tools, buildings, machines
18. the process of bringing together the three factors of production - natural resources, labor and capital
20. a social science that studies how individuals, firms, government, and nations, make choices using scarce resources to satisfy their unlimited resources

1. Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
2. the ratio of the quantity and quality of units produced to the labor per unit of time
3. resource Resources, such as forests, fresh water, and fish that can be replaced as they are used.
4. money used to buy the tools and equipment used in production
6. Physical objects such as clothes or shoes
8. The result of using resources in a way that produces the maximum amount of goods and services.
9. How economists describe the tradeoff or opportunity cost between a nations mix of producing military and civilian goods
10. Quality of life based on ownership of necessities and luxuries that make life easier.
14. work that is performed for someone by someone else
19. resource a resource that cannot be replaced