Economics Chp. 1

3. of Production The resources needed to produce goods or services.
7. benefits offered to encourage people to act in certain ways.
9. the study of how people choose to use scarce resources to satisfy their wants.
14. things a human must have to survive.
16. A person who buys goods or services for personal use.
17. All the resources made and used, by people, to produce and distribute goods and services.
18. cost the value of the next best alternative, what you give up when choosing one over the other.

1. All the time, effort, and talent that goes into making a product.
2. benefit satisfaction received when using one more unit of a good or service.
4. work that one person performs for another person for payment.
5. Physical objects that can be purchased.
6. The combination of vision, skill, ingenuity and willingness to take risks , to start a new business.
8. desires that can be satisfied by consuming a good or service.
10. cost the cost of using one more unit of a good or service.
11. the alternative that you give up when you make an economic choice.
12. situations that exists when there is not enough resources to meet human wants
13. the benefit satisfaction gained from the use f a good or service.
15. All the natural resources above and below the earths surface.
19. A person who makes goods or provides services.