Semester Review Part 1

Something that is necessary for survival.

• want
• need
• scarcity
• shortage

Something that is desired but not essential to survival.

• want
• need
• scarcity
• shortage

This happens when producers will not or cannot offer goods or services at current prices.

• want  
• need
• scarcity
• shortage

All natural resources that are used to produce goods and services. *

• land 
• labor
• human capital
• physical capital

Any effort a person devotes to a task for which that person is paid.

• land 
• labor
• human capital
• physical capital

Any human-made resource that is used to create other goods and services.

• land 
• labor
• human capital
• physical capital

The skills and knowledge a person gains through education and experience.

• land 
• labor
• human capital
• physical capital

All the alternatives that we give up whenever we choose one course of action over others.

• trade-offs
• opportunity cost
• economics
• thinking at the margin

The most desirable alternative given up as a result of a decision.

• trade-offs
• opportunity cost
• economics
• thinking at the margin

The study of how people make choices to meet their wants and needs. *

• trade-offs
• opportunity cost
• economics
• thinking at the margin