literally, trading one good or service for another, without using money

an exchange – giving up one thing to get something else

is a situation that arises because people have unlimited wants in the face of limited resources.

The basic economic problem is how to ______ scarce resources among alternate uses.

is the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home

an item that is used as money, but which also has value from its use as something other than money

produce goods/services and choose which goods to make and how to make them. 

whatever is widely accepted as a method of payment

are goods and services that are bought by individuals and used to provide personal enjoyment and contribute to a person’s standard of living

is the human resource that organizes labor, land, and capital.