Economics Chapter 1

2. tangible economic product
4. good intended for final use by consumers instead of businesses
7. _____ of production; the four include land, capital, labor and entrepreneurship
10. ____ of value , contradictions between low value of essentials and high value of non-essentials
11. tools, equipment, and factories used in production of goods and services
13. social science dealing with the study of how people satisfy seemingly unlimited and competing wants with with the careful use of scare resources
15. a problem all societies face

1. basic requirement for survival
2. economic ____, sustained period of time when a nation's output of goods and services increase
3. market where goods and services are offered for sale
5. intangible economic product
6. people with all their abilities
8. ability or capacity of a good or service to be useful and give satisfaction to someone
9. the worth of a good or service
12. production _____ frontier
14. way of expressing or communicating a need