economics chp 1

3. The condition that results from society not having enough resources to produce all the things people would like to have
5. A way of expressing a need
6. The capacity to be useful and provide satisfaction
7. The dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period
12. The quality of life based on the possession of the necessities and luxuries that make life easier
13. Need: Food; Want: Pizza
14. A location or other mechanism that allows buyers and sellers to exchange a certain economic product
16. People with all their efforts, abilities, and skills
17. The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources

1. The capacity to be useful and provide satisfaction
2. A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
4. Sun if the skills, abilities, health and motivation of people
8. Work that is performed for someone
9. Intended for final use by individuals
10. The process of creating goods and services
11. An item that is economically useful or satisfies an economic want
15. Refers to a worth that can be expressed in dollars and cents