Economics

2. the amount of physical, mental, and social effort used to produce goods and services in an economy.
3. something that is desired.
5. tangible assets such as machinery and equipment adopted for producing goods.
8. the process of starting and launching a business and includes the willingness and ability to take on that business risk.
9. things that are essential for human survival.
10. the resource that encompasses the natural resources used in production.
11. when the demand for a resource is greater than the supply of that resource, as resources are limited.
12. is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.

1. the resources required to produce goods and services that people want.
4. the next best alternative forgone when a choice is gone.
6. financial rewards provided to people to alter consumption and production patterns in an economy.
7. any situation where making one choice means losing something else, usually forgoing a benefit or opportunity.