Duplicate of Prentice Hall Economics Chapter 1

__________occurs when consumers want more of a good or service than producers make available. 

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

not working to full potential; wasting time

the use of resources in such a way to maximise the output of goods and services

a graph that shows alternative ways to use an economy's productive resources

____________are people who decide how to combine resources to create new goods and services. 

_________is the study of how people seek to satisfy their needs & wants by making choices. 

Economists use the term__to refer to all natural resources used to produce goods and services. 

Giving up one benefit to gain another

Something essential for survival is a ______________. 

the human-made objects used to create other goods and services

the principle that limited amounts of goods & services are available to meet unlimited wants

marginal cost

the extra benefit of adding one unit

the process of deciding whether to do or use one additional unit of some resource

the line on a PPC that shows the max output an economy can produce

_____is the effort people devote to tasks for which they are paid.  

__________are actions or activities that are performed; Medical care, hair cuts, cleaning, etc.

A(n)__________is something that we desire but that is not necessary for survival. 

law of increasing costs

knowledge and skills a worker gains through education & experience

the choice governments face between spending money on military or domestic needs

_____________are physical objects such as food, clothing, or video games.