The principle that limited amounts of goods and services are available to meet unlimited wants?
What is scarcity?
100
A person how decides how to combine resources to create goods and services.
What is an entrepreneur?
100
The act of giving up one benefit in order to gain another, greater benefit.
What is a trade-off?
100
The use of fewer resources than an economy is capable of using.
What is underutilization?
100
Something that people desire but that is not necessary for survival.
What is a want?
200
The Study of how people see to satisfy their needs and wants by making choices?
What is economics?
200
The resources that are used to make goods and services?
What are the Factors of Production?
200
The process of deciding whether to do or use one additional unit of some resource.
What is thinking at the margin?
200
An economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second goods or service.
What is the law of increasing cost?
200
The physical objects that someone produces?
What is a goods?
300
A situation in which consumers want more of a good or service than producers are willing to make available at a particular price.
What is a shortage?
300
All natural resources that are used to make goods and services?
What is land?
300
The extra cost or adding one unit.
What is marginal cost?
300
A graph that shows alternative ways to use an economy's productive resources.
What is a production possibilities curve?
300
Any human-made resource that is used to produce other goods and services.
What is capital?
400
Something essential for survival.
What is a need?
400
The effort people devote to tasks for which they are paid?
What is labor?
400
The most desirable alternative given up as the result of a decision.
What is an opportunity cost?
400
The use of resources in such a way as to maximize the output of goods and services.
What is efficiency?
400
The knowledge and skills a worker gain through education and experience.
What is human capital?
500
The actions or activities that one person performs for another.
What is a services?
500
The human-made objects used to create other goods and services.
What is physical capital
500
A phrase expressing the idea that a country that decides to produces more military goods has few resources to produce consumer goods.
What is "guns or butter"?
500
A line on a production possibilities curve that shows the maximum possible output an economy can produce.
What is a production possibilities frontier?
500
A decision-making process in which you compare what you will sacrifice and gain by specific action.