Fundamentals of Economics

3. Natural resources used in the production of goods and services, such as minerals, forests, and water.
5. A necessity required for survival, such as food, water, and shelter.
9. The tools, equipment, and facilities used in producing goods and services.
10. The compromise made when choosing one option over another due to limited resources.
12. Physical items that can be bought or sold, such as books or clothing.
13. The study of how individuals and societies allocate scarce resources to satisfy needs and wants.
14. The process of combining resources to create goods or services.
15. The fundamental economic problem of having limited resources to meet unlimited wants.

1. The use of fewer resources than an economy or business is capable of, leading to lower output than possible.
2. A desire for something that is not essential for survival, like luxury items.
4. Actions or activities performed for a fee, like teaching or medical care.
6. A situation where the demand for a good or service exceeds the supply available at a given price.
7. The human effort used in the production of goods and services.
8. Situations where resources are not used optimally, leading to wasted potential or resources.
11. An individual who creates, organizes, and operates a business, taking on financial risks to do so.
16. The value of what is given up in a trade-off, often measured in money, time, or resources.