Unit 1: Economics

2. the alternative choices people face in making an economic decision
3. means by which something is produced including money, tools, machinery, and factories; key for economic growth
5. items that are economically useful or satisfy an economic want
8. risk-takers who combine the other factors of production into new products
9. desires for satisfaction
11. a good's or service's ability to provide satisfaction, varying with the needs and wants of each person
12. a cost or benefit that motivates a decision or action by consumers, workers, firms or other participants in the economy
13. work performed for someone and is intangible
14. limited resources including minerals, vegetation, animal life and climate
15. the abbreviation of the combination of goods and/or services that can be produced when all productive resources are used
17. the conditions where unlimited human wants face limited resources

1. an alternative title for the four factors of production
4. workers who apply their effort, abilities, and skills to production
6. the money, time, or resources a person gives up to make their final choice
7. worth expressed in dollars and cents
10. the accumulation of goods that are tangible, scarce, useful, and transferable to another person
16. requirements for survival