Economics - Humanities Exam

3. A person who purchases goods and services for personal use
8. the physical and mental abilities people use to produce goods and services
9. Weighing what you sacrifice compared to what you gain to help you make the best decision
11. a transaction where no physical object is being transferred between the producer and the consumer
12. the market in which households purchase the goods and services that firms produce
14. market in which firms purchase the factors of production (capital, land, labor) from households
16. government intervention in a market that affects the production of a good
17. a graphic representation of transactions within an economy
21. Goods, such as clean air and clean water, that everyone must share.
23. benefits given by the government directly to individuals: cash transfers (Social Security payments and retirement payments to former government employees) or (in-kind transfers) food stamps and low-interest loans for college education.

1. any material provided by nature that can be used to produce goods and services
2. The tools, equipment, and buildings that are used to produce goods and services
4. Fees for the support of government required to be paid by people and businesses
5. not having enough resources to fulfill all the unlimited wants
6. the ability to keep in existence or maintain
7. accepting the risk of starting and running a business
10. a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
13. A person, company, or country that makes, grows, or supplies goods or commodities for sale
15. the study of choices people make to satisfy their wants and needs
18. what you give up when you make a choice
19. external motives/factors that explain people's choices
20. physical objects that are produced by producers and consumed by consumers
22. something people desire but is not necessary for survival
24. something necessary for survival