Ch.2 Economic Decision Making Review

lack of pleasure or satisfaction from consuming a product or service or taking an action

A physical objects produced for sale

___________ are the goods and services produced using these resources.

activites done for us by others

The value of the next best alternative that is given up when making a choice

There will never be enough of anything to satisfy everyone completely

____________ are the scarce resources that go into the process.

the willingness to take the risks involved in starting a business

productive resources that are divided into 3 categories: land, labor, and capital

consists of tools, machines, and buildings used in production of other goods and services

___________ is a measure of the output of an economy per unit of input.

The temporary lack of something that is desired

extra satisfaction achieved from an increase of one additional unit of a good or service

Sunlight and wind; both widely available and in no danger of being used up