Economics

4. division of work into individualized tasks that are completed by those who do it best
6. any work, whether mental or physical, that contributes to the production of goods and services
8. mechanism that allows people to exchange goods
9. quantity of a good for sale at a certain price under certain conditions; the amount produced
11. economic term meaning "let things alone"
15. resources that include land and other raw materials
19. type of good used in the production and distribution of goods and services
20. Type of capitalistic system where the owner of much of the nation's capital is a powerful centralized apparatus called the collectivist state
21. this is the balance of exported goods and imported goods
23. economic system in which people are free to make their own economic choices
24. Type of capitalistic system where the majority of a nation's capital is owned by individuals
25. something it would be difficult to live without
26. this term refers to a good's limited availability
28. the establishment of colonies and territories to benefit their mother country
29. the amount of a good that is bought at a certain price
30. the industrial skills and scientific methods that make possible efficient production

1. founder of modern economics
2. the value of all things that people own
3. Following natural resources, labor, capital & entrepreneurship, this is the fifth factor of production
5. type of goods produced for direct use of consumers
7. Anyone who produces goods or owns a share of some business that produces good
10. human desire to have and use a certain good
12. French economists that favored a "natural" economy, not one created by mercantilism
13. economic system that provides barely enough to keep a society alive
14. type of economic theory that states the free market is the best possible economic system
16. economic system in which decisions involving production, distribution and consumption of goods are based upon custom, heredity and caste
17. this term refers to a good's usefulness
18. the condition of enjoying many goods & services
19. people who use goods
22. the worth that consumers attach to a good or service
24. people who provide goods
27. economic system in which centralized authority determines the production and distribution of goods and services