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Basic Economic Principles Vocabulary

Across
Items or services that are useful, relatively scarce, are transferable to others and intended for final use by individuals
This market is where the factors of production are bought and sold.
the amount of goods and services produced with a given amount of resources in a specific period of time.
Items that are economically useful or satisfy a want; like consumer goods, and capital goods.
resources required to produce the things we would like to have are land, capital, labor, and entrepreneurs; _____ of production.
The cost of the next-best alternative
these are markets where producers sell their goods and services.
Down
The total output of goods and services increases overtime is called Economic _______?
organizing work so that each individual worker completes a separate part of work.
individual worker who perform only tasks, they can do better or more efficiently than others.
People who use goods and services to satisfy their wants and needs
the capacity to be useful and provide satisfaction.
A worth that can be expressed in dollars and cents.
Economics asks three questions about production; what, how and for ____?
Production Possibilities frontier, is a diagram representing various combinations of goods and services an economy can produce when all its resources are in use: what initials do we use for it?