Economics Unit 1

4. the amount of goods available and the desire to own something along with the ability to pay for it (3 words)
10. using resources in a way that maximizes production of goods
11. ability to produce a product most efficiently given all other products that could be produced (2 words)
12. an item we desire but that is not essential to survival
13. limited quantities of resources to meet unlimited demands
16. something like air, food, or shelter that's needed for survival
17. the effort that people devote to a task for which they are paid
18. ability to produce more of a product using a given amount of resources (2 words)
19. a curve/graph that shows alternative ways to use an economy's resources (2 words)

1. the most desirable alternative given up in a decision (2 words)
2. objects such as clothes or shoes
3. the study of how people make choices to satisfy needs and wants
5. all human-made goods used to produce other goods (2 words)
6. one who combines land, labor, and capital in new ways
7. land, labor and capital (3 words)
8. the skills and knowledge gained by a worker through education and experience (2 words)
9. actions or activities one person performs for another
14. natural resources used to make goods
15. using fewer resources than an economy is capable of using