Economics Unit 1

2. / Sacrificing one good or service to purchase or produce another
3. / Sum of people's skills, abilities, health, and motivation
4. / Economic product that is consumed collectively
10. / Relaxation or removal of government regulations on buisness activities
13. / Investing on goods to recieve profit
16. / Previously manufactured goods used to make other goods and services
17. / The value of the next best alternative given up for the alternative that was chosen
19. / A system in which the government controls the factors of production and makes all decisions about their use
23. / Giving money to a certain patent/company to later get a positive profit
24. / Government adding regulations to buisness activities

1. / Degree to which productive resources are used effectively
5. / Using resourses to ultimately result with a product which is refered to as the output
6. / Assignment of tasks so that each worker performs fewer functions more frequently
7. / The ability of risk taking individuals to develop new products and start new businesses in order to make profits
8. / A market to sell goods
9. / Market where goods and services are offered for sale
11. / Benefit until it is no longer scarce and benefit reaches its margin
12. / Division of work into a number of seprate tasks
14. / Act of buyers and sellers freely and willingfully engaging in market transactions
15. / Condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time
18. / The result once inputing resources to make goods
20. / A system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best intrests
21. / Tools, equipment, and other manufactured goods used to produce other goods and services
22. / Extra cost of producing one additional unit of production