Chapter 1 econ vocab Crossword

physical items produced in an economy
a system for coordinating the production and distribution of goods and services
activities produced in an economy
a collection of people who share a common bond
minimal requirements that are necessary for survival
things that are desired but are not essential to life
the time and effort people contribute to the production process
anything long lasting that is created by humans for use in production
any long lasting good that is used to make other goods or services
skill and knowledge of workers
the basic elements from which all goods and services are produced
the willingness of people to organize people, operate and assume the risks involved with business ventures
when you give up one thing to get something else
anything draw in nature used for use in the production of goods or services
include the four types of resources- land, labor, capital and entrepreneurship- along with anything made with these resources that is then used to make something else such as cement, steel, lumber, and plastic
a simplified representation of reality
a curve that shows the maximum quality of one good that can be produced for each possible quantity of another good produced
the study of choice under conditions of scarcity
exists when we desire more of something than we can have
collection of buyers and sellers
an economy is efficient if there is no opportunity to make someone better off without making at least one person worse off