EMC Economics Chapter 1 Section 1

This diagram can b used to illustrate scarcity. It shows all production combinations of 2 goods

You got a bad grade because you slept instead of studied. The grade is the __________...

When the wants are greater than the resources available to satisfy all of the wants

Things that people desire are known as...

These are needed to produce the goods and services that satisfy our wants

The most valued alternative you give up to do something is that somethings ____________

Which definition best sums up the science of economics?

You want an new TV and a new phone, but you only have enough $$$ for one... The $$$ is the ____

When you choose to play video games at night you have less time to study... This is a(n) ______

When there is not enough cake to insure that everyone gets a piece, this is an example of _____