The Basics of Economics

Using resources to produce fewer of one product in order to produce more of another is

A person enjoying a piece of chocolate from the candy store is experiencing 

Not buying a purse so that you can buy shoes is an example of 

Land used to build a factory on and the money needed for construction are examples of

The quality of life a person desires based on the necessities and luxury that make life easier.

An example of capital would be

A windshield company is Kentucky goes out of business because more cars are made in Japan is

China having a larger number of college graduate engineers than the U.S. is an example of 

The relatively low cost of water compared to the high cost of diamonds is an example of

All things that are of value that transferable from one entity to another is called

A machine used cut fabric in a factory is considered a

A person chooses a more expensive pair of shoes, knowing that will provide better support.

After land, labor, capital and entrepreneurs are present, what can begin?

There are too few diamonds in the world to meet demand is an example of

The sum of all goods and services sold in the United States by U.S. companies each year is

A person invests their life savings in order to open and operate a new store is 

An example of a consumer good is

Private businesses own the means of production.