CH. 1: What is Economics?

The knowledge and skills a worker gains through education and experience

The computer is an example of ___ that has changed the way businesses work.

An item that people buy.

The cost of a trade-off is a(n) ___.

People who do work for others for a fee provide ___.

Natural resources include water, minerals, and ___.

___ is the basic economic problem?

Narural resources, labor, and capital are factors of ___.

The use of resources in such a way as to maximize your output.

Something that is necessary to stay alive is a ___.

People have unlimited ___.

People who take risks to start new businesses or improve old ones are ___.

Economics is about making ___.

The study of how people and countries make choices.

When you make a choice, you give up other ___.

Machines, buildings, tools and money.

A graph that shows alternative ways to use an economy’s productive resources

All kinds of work.

Identify the following principle:

Goods and services that can be produced from fixed resources in a fixed time period.

Giving up one thing for another is a ___.

The process of deciding how much more or less to do.