economics

2. The ability and willingness to combine land, labor, and capital to create new goods and services, taking risks in the process
5. a graph that shows possible output combinations of two goods or services an economy can produce given its resource
6. The act of giving up one thing in order to gain something else due to limited resources.
8. Man-made tools, machinery, and buildings used to produce goods and services.
10. The resources used to produce goods and services: land, labor, capital, and entrepreneurship.
11. Essential items required for basic survival, like food, water, and shelter.
12. Desires for goods and services that are not necessary for survival but improve quality of life.

1. The human effort, both physical and mental, used in the production process.
3. The condition where limited resources are available to satisfy unlimited wants and needs.
4. A reward or motivation that encourages people to behave in a certain way.
7. The value of the next best alternative that is forgone when making a decision.
9. Natural resources like water, minerals, and land itself used in production.