Economics Chapter 1

4. "gifts of nature"
7. the cost of the best alternative use of money, time, or recourses when a choice is made
9. the process of creating goods and services
10. market where producers sell their goods and services to customers
14. factors of production perform tasks that they can do relatively more efficiently than others
16. work that is performed for someone
18. worth that can be expressed in dollars and cents
19. society not having enough resources for consumers

1. alternative choices
2. things we don't need but would love to have
3. market where productive resources are bought and sold
5. an item that is economically useful and satisfies an economic want
6. having the capacity to be useful and provide satisfaction
8. a measure of the amount of output by the amount of input
11. things we must have to stay alive
12. the tools, equipment machinery used to produce goods and services
13. a risk taker in search of profits who does something new with existing resources
15. the study of how people try to satisfy unlimited wants through scarce resources
17. people working with all their efforts, abilities, and skills