Economics Unit 1

4. any human made resource that is used to create other goods and services
5. the study of how people choose to use scarce resources to satisfy their unlimited wants
6. a factor of production, human effort used to produce a good or service
7. the study of the behavior of individual players in the economy (small)
10. the practice of examining the cost and the expected benefit of a choice
13. the cost of using one more unit of a good or service
14. benefits offered to encourage people to act in a certain way

1. a person who uses the factors of production to produce a good or service
2. the situation that exists when there are not enough resources to meet human needs
3. the benefit or satisfaction received from using one more unit of a good or service
8. a person who buys goods and services for person use
9. the study of the behavior of the economy as a whole (large)
11. the next best alternative given up
12. all of the natural resources that are used to produce goods and services