Economics Test Review

tangible items that result from production

• complements

• goods

• services

• supplements

nonphysical results of production

• complements

• goods

• services

• supplements

products that are often used or consumer in combination with one another

• complements

• goods

• services

• supplements

products that can replace one another

• complements

• goods

• services

• supplements

the study of how productive resources are used to provide the goods and services that satisfy human wants

• economics

• opportunity cost

• scarcity

• trade-off

the basic economic problem - we can't have everything we want

• economics

• opportunity cost

• scarcity

• trade-off

you must give up something if you want to get something (this is what every choice involves)

• economics

• opportunity cost

• scarcity

• trade-off

when making a choice, the next best alternative (what you give up when you make a decision)

• economics

• opportunity cost

• scarcity

• trade-off

inputs used to produce goods and services

• capital resources

• human resources

• natural resources

• productive resources

things that occur naturally in nature that make production possible

• capital resources

• human resources

• natural resources

• productive resources