Econ chap 1 n 2 Day 1

the condition in which our wants are greater than the amount of our resources can provide for

the quality of bringing happiness or satisfaction

the most highly valued opportunity or alternative forfeited, or given up when a choice is made

The correct spelling for a "person with special talent for searching out business opportunity"

a diagram that shows all possible combinations of 2 goods that an economy can produce 

a means for deciding who gets what portion of the available resources and goods

something that cannot be felt by touch

Another word for dissatisfaction or unhappiness?

the special talent that some people have for searching out new business opportunities

What diagram illustrates scarcity by showing which items are available and which items are not?

Used to explain how something works, designed to answer a question that has no obvious answer

produced goods that can be used as resources for further production

anything that satisfies a person's wants

the physical and mental talents that people contribute to production

the science that studies the choices of people trying to satisfy their wants in a scarce world

the branch of economics that deals with human behavior & choices as they relate to small units