Economics Chapter 1

The most desirable alternative given up as the result of a decision

In this chart, points A, B, and C represent ....

The study of how people seek to satisfy their wants and needs by making choices.

Limited quantities of resources to meet unlimited wants

An alternative sacrificed to make a decision

Which of the following is an example of labor?

Using fewer resources than an economy is capable of producing

Human skill and knowledge is an example of ...

A person who combines land, labor, and capital to create and market new goods and services

Tools factories and roads are examples of which factor of production?

Which of the following is NOT an example the use of land as a factor of production?

When a producer cannot meet demand due to a temporary condition.

In this chart, point D represents...

Any human-made resource used to create other goods or services

As we move toward the tails of the curve, the opportunity cost...

Having a nicer apartment means having a smaller car. This is called...

Selecting from points A, B, or C is called...

Point E could only be achieved through....

When peoples wants and needs are greater than their resources, this is called...

Which of the following is not a factor of production