unit 1

3. A measure of satisfaction or benefit derived from consuming a product.
7. A form of labor that involves specialized skills and education.
8. of Production This economic term describes the physical and human resources used in production.
10. The materials used in the production of goods and services.
12. An individual or entity that starts a business and takes on the risks of producing goods or services.
13. The study of how people use resources to meet their needs and wants.
15. Goods and services that are desired but not essential.

1. Physical assets such as machinery or tools used in the production process.
2. Possibilities Curve The graph that shows the maximum possible production of two goods in an economy.
4. The choice between different alternatives when making economic decisions.
5. The type of production factor that includes natural resources.
6. Domestic Product The total market value of all final goods and services produced in a country.
9. Cost The concept of giving up one alternative to gain another.
11. Something that is necessary for survival.
14. The basic problem in economics due to limited resources.