1. 3. includes all natural resources
  2. 4. Analysis Aid to decision making.
  3. 6. cost a decision to value the next best alternative
  4. 7. are work that one person performs for another payment.
  5. 8. are desires that can be satisfied by consuming a good or service
  6. 9. Give up and make an economic choice
  7. 12. benefits offered to encourage people to act in certain ways
  8. 14. is all human time, effort, and talent
  9. 15. the study of how people choose to use scarce resources to satisfy their wants.
  10. 17. are things, such as food, clothing, and shelter, that are necessary for survival.
  11. 18. a person who buys goods or services
  12. 19. the situation that exists when there are not enough resources to meet human wants.
  1. 1. the benefits or satisfaction gained from the use of a good or service.
  2. 2. are physical objects that can be purchased.
  3. 4. is all resources made and used by people to produce
  4. 5. is the combination of vision, skill, ingenuity, and willingness to take risk that is needed to create and run new business
  5. 10. of Production the economic resources needed to produce goods and services.
  6. 11. to make decisions according to what you believe is the best combination.
  7. 13. a person who makes goods or provides services.
  8. 16. Benefit refers to the benefit or satisfaction received from using one or more unit of a good or service