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Economics Quest 1

The invisible hand
Markets where producers sell their goods and services to consumers
A risk-taker in search for profits who does something new with existing resources
Takes place when work is arranged so that individual workers do fewer tasks than before
We rely on others, and others rely on us, to provide the goods and services that we consume
The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce sources
What to produce? How to produce? For whom to produce?
A contradiction between necessities and value
A good intended for final use by individuals
The sum of all the skills, abilities, health, and motivation of people
A location or other mechanism that allows buyers and sellers to exchange a certain economic product
The markets where productive resources are bought and sold
The dollar value of all final good and services, and structures produced within a country's boarders within a 12 month period
The cost of the best alternative use of money, time or resources when one choice is made rather than another
The money used to buy the tools and equipment used in production
Takes place when factors of production perform tasks that they can do relatively more efficiently than others
A contradiction between necessities and value