Economics Chapter 1

Resources usedto produce goods and services

Previousmanufactured goods

Value of theitem given up for the item chosen

Study of how individuals and societies usescarce resources

Oil is anexample of which factor of production?

Naturalresources

A machine in afactory is an example of which factor of production?

A person workingin a factory or business is an example of which factor of production?

Advance inknowledge

A personstarting a business is an example of which factor of production?

Human effort inproduction

What is the nameof a graph showing the maximum combinations of goods that can beproduced?

Not havingeverything you want

Sacrificing onegood or service to purchase/produce another

Risk taking