Economics Review

6. "Gifts of Nature"; natural resources
8. Utility is the capacity to be __
9. All economies must decide what to ___, how to __, and for whom to __.
12. when people perform tasks that they can do most efficiently
14. the tools, equipment, and factories used in production
16. a risk taker; person who starts a business.
17. Factors of __ are the resources required to make things
19. Tangible products that satisfy needs and/or wants
20. The fundamental economic problem
22. The study of how people make choices
23. Things that would make your life better, but you most likely wouldn't die without them.

1. a location where buyers and seller exchange goods and services
2. For something to have __, it must be scarce and have utility.
3. The __ market is where economic resources are exchanged.
4. dollar value of all final goods and services; a measure of economic health
5. a measure of the amount of output by a given number of people
7. the accumulation of goods that someone has
10. people with all their efforts, abilities, and knowledge
11. Value is worth that can be expressed in __
12. Work done by people such as barbers, housecleaners, and bakers.
13. The __ of value is the situation where some necessities are free while some wants are very expensive.
15. The __ market is where individuals spend money to buy goods.
18. Things that are necessary for survival
21. The __ flow of economic activity shows how individuals, markets, and businesses are interconnected.