Ch. 1 Vocabulary Crossword

The condition that results from society not having enough resources to produce all the things people would like to have
Resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurs
"Gifts of nature," or natural resources not created by humans
tools, equipment, machinery, and factories used in the production of goods and services
People with all their efforts, abilities, and skills
Risk-taker in search of profits who does something new with existing resources
The process of creating goods and services, can take place
Dollar value of all final goods and services, and structures produced within a country's borders in a 12-month period
Quality of life based on the possession of the necessities and luxuries that make life easier
Way of thinking about a problem problem that compares the costs of an action to the benefits received
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Takes place when work is arranged so that individual workers do fewer task than before
Takes place when factors of production perform tasks that they can do relatively more efficiently than others
Measure of the amount of output produced by a given amount of inputs in a specific period of time
Accumulation of those products that are tangible, scarce, useful, and transferable from one person to another
The capacity to be useful and provide satisfaction
The situation where some necessities, such as water, have little monetary value, whereas some non-necessities, such as diamonds, have a much higher value
Worth that can be expressed in dollars and cents
Work that is performed for someone
Manufactured goods that are used to produce other goods and services
Intended for final use by individuals