Economics

2. The ability of one person or nation to produce a good at a lower opportunity cost than another person or nation.
4. The effort used to coordinate the factors of production--natural resources, labor, physical capital, and human capital--to produce and sell products.
7. The stock of equipment, machines, structures, and infrastructure that if used to produce goods and services.
9. The ability of one person or nation to produce a product at a lower resource cost than another person or nation.
10. The resources used to produce goods and services; also known as production inputs or resources
13. The value of an amount of money in terms of what it can buy.
14. A good or service produced in the home country and sold in another country.
17. A good for which an increase in income increases demand.
20. Two goods for which a decrease in the price of one good increases the demand for the other good.
23. The cost of losing another option when you make a decision.
24. Reduction in the value of capital goods over a one-year period due to physical wear and tear and also to obsolescence; also called capital consumption allowance.
25. Commonly defined as six consecutive months of declining real GDP.
26. The resources we use to produce goods and services are limited.

1. The percentage of the labor force that is unemployed.
3. A good for which an increase in income decreases demand.
5. Personal income that households retain after paying income taxes.
6. Human effort, including both physical and mental effort, used to produce goods and services.
8. Two goods for which an increase in the price of one good increases the demand for the other good.
11. The study of the nation's economy as a whole; focuses on the issues of inflation,umemployment, and economic growth.
12. Resources provided by nature and used to produce goods and services.
15. The total market value of final goods and services produced within an economy in a given year.
16. Sustained increases in the prices of all goods.
18. The face value of an amount of money.
19. A good or service produced in another country and brought into a country.
21. The knowledge and skills acquired by a worker through education and experience and used to produce goods and services.
22. The study of choices made by households, firms, and government and how these choices affect the markets for goods and services.