Scarcity and Economics Review

The next best use of time or money is called...

A graph that shows the combinations of goods that a country's economy can produce.

The way you personally express a need for food, water, shelter, or clothing.

This problem results when society doesn't have enough resources to produce all wants or needs.

Solving problems by comparing the cost of an action to the benefit received, or is it worth it?

The system in America that allows people to make their own economic decisions.

Land, Labor, Capital, and Entrepreneurship are the...

Food, water, shelter, clothing

Sydney decides to give up a free concert ticket and go into work. The concert ticket was Sydney's...

The study of how people try to satisfy their wants and needs.

Choices in economics are called...

The best reason to study economics is it can help us become better...

Sydney was on her way to work when a friend called and said she had tickets to a sold-out concert. This situation is a

This would include natural resources.

What to make, How to make it, and For whom to make for are the...

This would include the tools, machinery, or even money.