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Economic Fundamentals

RT Mitchell

Vocab for economic fundamentals, a few multi word terms have been omitted.

1 2         3      
6                 7 8   9      
    14 15      
    17 18 19       20  

2.Alternative choices because people cannot have everything they want
4.The process of creating goods, and services
6.Means “There is no such thing as a free lunch”, concept that nothing is free someone always has to pay for it.
9.A basic requirement for survival
10.Means “No government intervention in economic affairs”.
11.A location or other mechanism that allows buyers and sellers to deal readily in a certain economic product
12.A means of expressing a need
16.The efficient use of productive resources
21.Goods and services that are useful, relatively scarce, and transferable to others
24.A diagram representing various combinations of goods or services an economy can produce when all productive resources are fully employed
25.Competition in a free market system
26.Fundamental problem facing all societies, condition arises where society does not have enough resources to produce the things that the people would like to have.
1.The process of using up goods and services in order to impress others
3.The cost of the next best alternative use of the money, time, or resource when one choice is made rather than another
5.Book by Adam Smith published in 1776 that scientifically described the basic principles of economics for the first time
7.Refers to something that has a worth that can be expressed in dollars and cents
8.The resources of Land, Capital, Labor, and Entrepreneurship that provide the means for a society to produce and distribute its goods and services.
13.A good used to produce other goods like a sewing machine, oven, or computer
14.The money used to buy the tools, equipment, and factories used in production
15.When productive inputs do whatever task they are best at.
17.The sum of the economic products that are tangible, scarce, useful, and transferable from one person to another
18.A tangible commodity like a book, car, or television
19.People who use goods and services to satisfy wants and needs
20.The sum of skills, abilities, health, and motivation of people
22.The study of human efforts to satisfy what appear to be unlimited and competing wants
23.The capacity to be useful to someone

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