Fundamentals of Economics

The development of skills in a specific kind of work is...

• Wants

• Scarcity

• Voluntary Exchange

• Specialization

Desires that can be satisfied by consuming a good or service are...

• Wants
• Needs
• Economics
• Scarcity

The limited nature of society's resources.

• Specialization

• Scarcity

• Voluntary Exchange

• Wants

The study of scarcity and choice is…

• Economics
• Scarcity
• Voluntary Exchange
• Needs

Basic requirements for human survival are called…

• Wants

• Needs

• Marginal Benefits

• Marginal Costs

The principle that people may decide what, when, and how they want to buy and sell is called…

• Voluntary Exchange
• Specialization
• Normalization
• Economics

The most desirable alternative given up as the result of a decision is…

• Opportunity Cost

• Entrepreneur

• Natural Resources

• Factors of production

A person who starts up and takes on the risk of a business is a…

• Production Possibilities Frontier

• Factor of Production

• Entrepreneur

• Natural Resource

The line on a production possibilities graph that shows the maximum possible output is the…

• Entrepreneur

• Factors of Production

• Production Possibilities Frontier

• Natural Resources

Raw materials from nature that are used to produce goods are called…

• Factors of Production

• Entrepreneurs

• Natural Resources

• Opportunity Cost