The Nature of Commerce

2. The limited availability of resources compared to unlimited wants.
5. The work done by people to produce goods and services.
7. Man-made resources like machines, tools, and buildings used to produce goods and services.
9. A type of good that lasts a long time and can be used multiple times, like a car or a fridge.
10. Goods and services that society or a community wants, such as hospitals, parks, and public transport.
14. Activities done for others, like haircuts, education, or medical treatment.
16. Things that are essential for survival, like food, water, shelter, and clothing.
17. Physical items that can be bought and used, like clothes, food, and cars.
19. A group of people who make and enforce rules and laws to help run a country, state, or community.
20. The value of the next best alternative that is given up when making a choice.
21. An organisation that produces goods or provides services to make money.

1. Things that people would like to have but are not necessary for survival, like toys, phones, or vacations.
3. Something that can be physically touched or felt, like a book, a phone, or a chair.
4. A person who buys goods and services to satisfy their needs and wants.
6. The satisfaction or benefit a person gets from consuming a good or service.
8. Choices made by individuals, businesses, or governments about how to use resources.
11. Natural resources like water, minerals, forests, and land itself used to produce goods and services.
12. The decisions people make about how to use limited resources to satisfy their needs and wants.
13. The things used to produce goods and services, including land, labour, capital, and enterprise.
15. The ability to bring together land, labour, and capital to create and run a business.
18. A single person who makes choices about what to buy, sell, or do in daily life.