Economics Glossary

1. The total quantity of a good available for consumption
2. A factor of production
8. The growing interconnectedness of the world's economies, political and social systems
9. The combined physical and mental effort in producing goods and services
11. The willingness of consumers and businesses to pay a price for a good or service

1. An intangible type of economic activity that is consumed at the point of sale
3. An economic measure of output per unit of input
4. The wealth and resources of a country
5. The ability to complete a job with a minimum expenditure of use of time
6. Why we have to allocate resources
7. A raw material
10. An estimate of income and expenditure for a period of time