Economics Vocabulary

2. A transaction in which no physical goods are transferred from the seller to the buyer.
3. resource that encompasses The natural resources used in production.
8. A curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources.
9. something needed to survive
13. Natural human,and capital re- sources used to make goods and services.
14. liquid assets
15. The total satisfaction received from consuming a good or service.
16. Anything that motivates a person to do something.

1. Demand for a good or service is greater than the availability of the good or service.
3. The general body of wage earners.
4. Items that add some kind of benefit to the lives of the people who consume them.
5. Aggregates capital and labor in order to produce goods or services for profit.
6. something that is desired
7. The fact that budgeting inevitably involves sacrificing some of X to get more of Y.
10. The measurement of the benefit derived from a good or service to an individual or a company
11. The value of the next-best alternative when a decision is made; it's what is given up.
12. An accumulation of valuable economic resources that can be measured in terms of either real goods or money value.