Jessica's Econ Ch 1.2

4. sum of skills, abilities, health and motivation of people.
6. location or other mechanism that allows buyers and sellers to exchange an economic product.
8. we rely on others and others rely on us.
12. contradiction between necessities and value.
13. worth that is expressed in dollars or cents.
16. capacity to be useful and provide satisfaction.
17. an item that is economically useful or satisfies an economic want.
18. factors of production performs tasks that they can do relatively more efficiently than others.

1. markets where producers sell their goods and services to consumers.
2. takes place when work is arranged so individual workers do fewer tasks than before.
3. is intended for final use by individuals.
5. markets where productive resources are bought and sold.
7. an example of this is robot welder in a factory, an oven in a bakery, or computer in a highschool.
9. when the nations total output of goods and services increases over time.
10. an economic product or work that is preformed for someone.
11. an accumulation of scarce products, tangible, and useful.
14. economics is concerned with ______ products.
15. measure of the amount of output produced by a given input in a specific time.