1. 5. Cost This is the change in the total cost of an item that occurs when the quantity produced changes by one unit.
  2. 6. Method of distribution of goods and services
  3. 8. This is the act of buyers and sellers freely and willingly engaging in market transactions.
  4. 10. This is when resources are limited and the need for a good or service is higher for a society than what is produced
  5. 12. Land, labor, capital, and entrepreneurship
  6. 14. Anything that brings value
  7. 18. This is when each worker performs a specific task in production.
  8. 21. This is a person who takes the risk of a new business enterprise.
  9. 22. This is the value lost when one alternative is chosen over another.Rational When marginal benefits are greater than marginal costs.Resources These are the factors of production used in the making of goods and services.
  1. 1. This is the process of separating the tasks in the process of production and assigning different tasks to different workers.
  2. 2. Using all of the productive resources to their full potential
  3. 3. A tool or equipment used to produce other goods.
  4. 4. Benefit This is an additional or extra benefit associated with an action.
  5. 7. is one of the main factors of production. It is the measure of the work done by people.
  6. 9. Not using all of the productive resources available
  7. 11. This is an economic situation related to opportunity cost in which one thing is given up in order to do something else.
  8. 13. Any factor, usually financial, to influence one choice over another by an individual or business.
  9. 15. the study of choices and how a society allocates scarce resources
  10. 16. Something is vital to sustain ones life
  11. 17. (Natural Resource This is one of factors of production (productive resource), referring to anything that is taken from the earth during the production of a good or service.
  12. 19. Anything that takes away something from you (Time, Money, Opportunity)
  13. 20. Something that is not vital to sustain life