economics

5. An economic system where individuals and private firms own resources
6. What you give up when you choose one alternative over another
10. The fundamental economic condition where resources are limited relative to human desires
13. An economic system where the government makes most economic decisions
15. Human physical and mental effort applied to production
16. All things that have value and are used to produce other things
17. The act of creating goods and services
20. The means available to produce goods and services

1. The branch of economics that deals with the economy as a whole
2. The person who combines the factors of production and takes risks
3. An economic system based on customs and beliefs
4. Man-made resources used to produce other goods and services
7. Things that are essential for human survival
8. The social science that studies how society allocates scarce resources to satisfy unlimited wants
9. The branch of economics that studies individual units like households and firms
11. Any item that gives satisfaction to a consumer
12. Things that people desire but are not necessary for survival
14. Natural resources used in the production process
18. A proposed explanation of how the economy works
19. A simplified description of an economic relationship