Economics Part 2

2. customs, skills and cultural beliefs are passed on from one generation to the next in this economy
4. work done for a company by people living in another country
5. when one person’s or company’s actions affect another person or company
6. “short” name for a graph that shows all of the production possibilities for two products
8. this motivates entrepreneurs
10. economists believe that people respond to these, which encourage them to do something
12. the physical and mental talents of people
13. goods that people cannot be prevented from using
15. in this type of economic system the government owns and controls the resources
16. how a country answers the three economic questions determines this…their ______?

1. the choice given up to do something else
3. person who receives the benefits of a good without paying for it
7. the type of economic system where resources are owned and controlled by private individuals
9. households, businesses and governments make up this “movement” of money and resources
11. means the world is moving toward one global economy
14. means there is less of a good than people would like to have