What is Economics?

2. natural resources not created by man and includes land, water, animals, trees, mineral etc.
6. work that people do to produce goods and services and includes abilities, efforts, and skills.
8. the study of the decisions that go into making, distributing, and using goods and services
9. the process of interaction or integration among people, businesses or other organizations on an international scale
10. the benefit of purchasing one more of an item.
11. resources needed to produce goods and services.

1. the ability of individuals to start new businesses, introduce new products, and improve business processes.
3. what you give up to get something else
4. Temporary low supply of goods or services
5. the cost of obtaining one more of an item.
7. a state of limited resources faced by unlimited wants
12. manufactured goods used to produce other goods and services. Examples include machines, buildings, and tools