Explorations in Economics: Vocabulary

The science that studies the choices of people trying to satisfy their wants.

In Economics, land refers to what?

Anything that is used to produce a good or service is known as a what?

Land, Labor, Capital and _____ are the four categories of resources.

In Economics, "marginal" means what?

Branch of economics that deals with human behavior and choices as they relate to small units.

The definition of a trade-off is?

Branch of economics that deals with human behavior and choices in the entire economy.

I am very tired, but I also need to study for a test. The Opportunity Cost of me studying is...

A graphic representation of all possible combinations of two goods that an economy can produce.

A service is...

"Factors of Production" is a synonym for what word?

Which of the following is NOT a good?

When wants are greater than the resources available to satisfy those wants.

The most highly valued opportunity or alternative forfeited when a choice is made.

A thing we desire to have.

Utility is defined as "The quality of bringing..."

Such things as factories, machines, and farm tractors are considered what?

Which of the following is a service?

Products you can touch that bring a sense of satisfaction to a person.

A Production Possibilities Frontier shows all of the following concepts EXCEPT what?