Economics Terms

3. a good that is consumed together with another good
4. a place where buyers and sellers of a product are brought together.
5. a problem that arises when resources are limited
9. reward for land
10. the economic resources of land, labour, capital and enterprise that are used in the production process
11. the willingness and ability to buy a product at a given price at a given period of time
12. the coordination of the other factors of production involving the taking of a risk
14. the human resource enabling both physical work and intellectual work.
15. a general term used to describe the gifts of nature used in production

1. the human-made resources to increase production
2. the next best alternative that is given up when a decision is made
4. economic decision making by relatively large-scale units.
6. a good that is not scarce relative to the demand for it so no price is charged for this good.
7. a payment made to producers by a government to keep the down the cost of production.
8. the existence of resources that are limited
13. a good that is scarce relative to the demand for it so a price is charged for this good