Economics

4. increase in a nation’s total output of goods and services over time.
9. mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation.
10. process or means by which something can be accomplished.
11. meeting place or mechanism through which buyers and sellers of an economic product come together; may be local, regional, national, or global.
13. quality of life based on ownership of necessities and luxuries that make life easier
14. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram

1. division of work into a number of separate tasks to be performed by different workers.
2. markets in which productive resources are bought and sold.
3. measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production.
5. market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
6. sum of people’s skills, abilities, health, and motivation.
7. market in which goods and services are bought and sold
8. assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently.
12. comparison of the cost of an action to its benefits