Economics Review

2. any place or situation in which people buy and sell goods and services
5. goods and services provided by the government and consumed by the public as a group
11. the economic resources needed to produce goods or services
13. refering to a situation in which a change in price, either up or down, leads to a relatively larger change in the quantity demanded or the quantity supplied
15. desires that can be satisfied by consuming a good or service
16. all the human time, effort, and talent used to produce goods and services
17. a situation that exists when there are not enough resources to meet human wants
18. the study of how individuals and societies satisfy their unlimited wants with limited resources

1. the incentive that encourages people and organizations to improve their material well being by seeking to gain from economic activities
3. the willingness and ability of a producer to produce and sell a product
4. the value of something that is given up by choosing one alternative over another
6. the desire to have some good or service and the ability to pay for it
7. the financial gain a seller makes from a business transaction
8. the alternative someone gives up when making an economic choice
9. a side effect of a transaction that affects someone other than the producer or buyer
10. an economic system in which the government owns some or all of the factors of production
12. a government payment that helps cover the cost of an economic activity that can benefit the public as a whole
14. an economic system based on private ownership of the factors of production