Econ Final Exam Review

The highest valued alternative given up as a result of making a choice.

• Trade Off
• Opportunity Cost
• Trade
• Human Resources

The physical and mental efforts people use to create goods and services.

• Natural Resources
• Human Resources
• Capital Resources
• Available Resources

The buildings, tools, and machines people create and use to produce final goods and services.

• Natural Resources
• Human Resources
• Capital Resources
• Available Resources

Unaltered gifts of nature like soil, minerals, timber, and fresh water. 

• Natural Resources
• Human Resources
• Capital Resources
• Available Resources

______ means that an inequality exists between wants and the resources available to satisfy them. 

• Entrepreneurship
• Scarcity
• Capital
• Land

The study of the economy as a whole

• Macroeconomics
• Microeconomics

The study of individual consumers and businesses

• Macroeconomics
• Microeconomics 

Rivalry among businesses for resources and customers

• Market Competition
• Command Economy
• Traditional Economy
• Mixed Economy

an economic system in which the government holds most of the property rights.

• Market Competition
• Command Economy
• Traditional Economy
• Mixed Economy

An economic system in which people rely on traditions or customs to make what, how, and for whom choices

• Market Competition
• Command Economy
• Traditional Economy
• Mixed Economy