Fundamentals of Economics

2. The act of giving up one benefit in order to gain another
3. A physical object that is produced
6. Monetary assets used to produce goods and services
9. Human-made objects that are used to produce other goods and service; also called "capital goods"
10. The effort people devote to tasks to which they are paid
11. A point that exists inside the production possibilities curve that underutilizes reources
13. Paper or other symbols used as a promise to pay later
15. The study of how people seek to satisfy their needs and wants by making choices.
19. The most desirable option that is given up as a result of a choice
20. The extra cost of one unit
22. The knowledge and skills a worker gains through education and experience
23. The direct exchange of one good or service for another
24. A point that exists outside the production possibilities curve that is impossible given current resources

1. The extra benefit of one unit
4. A point that exists on the production possibilities curve that utilizes all resources available
5. When we use money to determine value during the exchange of goods and services
6. Money has value because society agrees that it does
7. A person who takes a risk to combine resources into a good or service
8. All natural resources used to produce goods and services
12. Actions or activities that one person performs for another
14. When money retains its value by being store instead of spent
16. When we use money to compare the value of goods and services
17. A graph that shows alternative ways to use an economy's resources
18. An object has inherent value
21. The concept that limited goods and services are available to meet unlimited wants