APE Unit 1 Vocabulary

The study of how society allocates scarce resources.

• Microeconomics
• Macroeconomics
• Scarcity
• Economics

Happiness and satisfaction refers to which economic term?

• Scarcity
• Opportunity Cost
• Utility
• Economics

The imbalance between limited productive resources and unlimited human wants. 

• Capital
• Scarcity
• Labor
• Production Possibilities

The reality of scarce resources implies that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs. 

• Opportunity cost
• Trade offs
• Scarcity
• Market Economy

Opportunity cost is...

• The reality of scarce resources implied that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs. 
• The value of the sacrifice made to pursue a course of action.
• The next unit, or increment, of an action
• The additional benefit received from the consumption of the next unit of a good or service.

The branch of economics that studies national and international economies.

• Scarcity
• Marginal
• Microeconomics
• Macroeconomics

Also called "factors of production," there are commonly grouped into the four categories: land, labor, physical capital, and entrepreneurial ability. 

• Product
• Resources
• Utility
• Marginal

The resource that includes equipment, machinery, buildings, and tools.

• Land
• Labor
• Capital 
• Entrepreneur

The next unit, or increment, of an action.

• Marginal
• Opportunity Cost
• Trade Off
• Scarcity

The additional benefit received from the consumption of the next unit of a good or service.

• Marginal Benefit
• Marginal Cost
• Opportunity Cost
• Economics