What's the study of how individuals, families, buisness, and societies use limited resouses to fulfill their unlimited wants?
What means that people do not have and cannot have enough income, time, and other resources to satisfy their every want?
What are resources needed to produce goods and services
Factors of production
What refers to natural resources present without human intervention?
What is known as a human resources?
What are tangible items that people buy?
What are activities done for others for a fee?
What are the manufactured goods used to make other goods and services?
What is the ability to produce greater quantities of goods and services in better and faster ways?
What is the ability of risk taking individuals to develop new products and start new businesses in order to make profits?
What is the advance in knowledge leading to new and improved goods and services and better ways of producing them?
What is sacrificing one good or service to purchase or produced another?
Trade off
What's the value of the next best alternative given up for the alternative that was chosen?
Opportunity cost
What's the branch of economic theory that deals with behavior and decision making by small units
What the branch of economic theory and dealing with the economy as a whole and decision making as a whole?
What's the production and distribution of goods and services in a society?
What's an assumption involving two or more variables that must be tested for validity?
What is a graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time?
Production curve

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