economics manage Word Scramble
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| Question | Answer |
| Land | Natural resources or gifts of nature that are used to produce goods and services. |
| Labor | physical or mental work. |
| Human Capital | The health, strength, education, training, and skills which people bring to their jobs. |
| Physical Capital | Manufactured items used to produce goods and services. |
| Want | It is something that is desired but not needed. |
| Trade-Off | Giving up some of one thing to get some of another thing. |
| Capital | All buildings, equipment and human skills used to produce goods and services. |
| Oppurtunity Cost | The next best alternative that must be given up when a choice is made. |
| Scarcity | The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants. |
| Mixed Economy | The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions (such as taxes, spending, and regulation). |
| Public Goods | A commodity whose benefits are indivisibly spread among the entire community, whether or not particular individuals desire to consume the public good. |
| Competition | The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. |
| Complement | Products that are used with one another such as hamburger and hamburger buns. |
| Total Revenue | Selling price of a product multiplied by the quantity demanded. |
| Demand | A schedule of how much consumers are willing and able to buy at all possible prices during some time period. |
| Supply | A schedule of how much producers are willing and able to sell at all possible prices during some time period. |
| Equilibrium | The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers. |
| Oligopoly | the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors. |
| Monopoly | Occurs when one party maintains total control over a type of business. |
| Partnership | An association of two or more persons who jointly own a for-profit business. |
| Corporation | legal entity owned by stockholders whose liability is limited to the value of their stock. |
| Assets | items of ownership convertible into cash. |
| Sole proprietorshiip | A business organization that is unincorporated and has only one owner. |
| Need | A condition or a situation in which something is required or wanted such as crops in need to water. |
| Productivity | The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time. |
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