Scarcity and Economics

Sydney has a flat tire. She needs a tire now, but has no cash. She decides to put it on her Credit Card. This example is

The study of how people try to satisfy their wants and needs.

Choices in economics are called...

Land, Labor, Capital, and Entrepreneurship are the...

Solving problems by comparing the cost of an action to the benefit received, or is it worth it?

The next best use of time or money is called...

A graph that shows the combinations of goods that a country's economy can produce.

The best reason to study economics is it can help us become better...

When a nation's output of goods grows over time.

The way you personally express a need for food, water, shelter, or clothing.

This would include the tools, machinery, or even money.

When individuals get to make economic decisions for themselves.

Sydney was on her way to work when a friend called and said she had tickets to a sold-out concert. This situation is a

The dollar value of all goods and services produced by a country in one year.

This would include natural resources.

This problem results when society doesn't have enough resources to produce all wants or needs.

The system in America that allows people to make their own economic decisions.

Food, water, shelter, clothing

What to make, How to make it, and For whom to make for are the...

Sydney decides to give up a free concert ticket and go into work. The concert ticket was Sydney's...