Intro to Economics

2. Economic system that has some elements traditional, command and market economies.
5. The study of how people satisfy their seemingly unlimited needs and wants with limited/scarce resources.
9. Alternative that must be given up when one choice is made instead of another.
11. Economic system in which private citizens own and use the factors of production to generate profits.
13. Cost of the next best alternative use of money, time or resources; when one choice is made instead of another.
14. Economic system where allocation of resources and economic decisions are made by a central authority.

1. Work or labor provided by someone, not tangible or physical.
3. A physical product that can be transferred to others; is usable and is able to fulfill a need/want.
4. Economic system where government owns some factors of production and is involved in deciding what and how goods are produced.
6. Key problems that all societies face because of not having all of the resources to produce everything people want/need.
7. Basic requirement for survival (food, water shelter etc.).
8. Economic system where allocation of resources and economic activity is based on ritual, habit or custom.
10. Economic system where supply, demand and prices help regular people allocate resources and decide what, how and for whom to produce.
12. Acronym answer for the monetary value of all final goods, services and structures in country's borders in a one-year period.