Economics Basics

2. The goods or equipment used to make goods and services
3. The money an individual or business has left after paying expenses
6. When a business or market shrinks
7. When a person is paid the same amount no matter how many hours worked, they are paid this.
9. The money earned from working at a job, can be in hourly wages or salary.
10. The desire for a good or resource
13. a benefit that influences economic activity
14. ______________ of production are the basic economic resources needed to produce goods and services

1. There are not enough resources to meet people's wants and needs
4. The human time, effort, and skills used to make goods and services
5. Economic _______________ happens when one country depends on another for goods they cannot produce.
7. The amount of a good or service available
8. System of producing, selling, and buying goods and services
11. ______________ Resources are the first factor of production, raw materials needed to produce goods and services
12. When a business or market grows