American Free Market Economy

The inability to satisfy all wants at the same time

• scarcity

• supply

• demand

• supply and demand

All resources and goods are limited. I requires that a choice be made.

• scarcity

• supply

• demand

• supply and demand

Selecting an item or action from a set of polssible alternatives.

• Incentives

• Choice

• Opportunity Cost

• Production

Individuals must make a decision about desired goods or services because these goods or services are limited.

• Incentives

• Choice

• Opportunity Cost

• Production

This is what is given up when a coice is made.

• scarcity

• choice

• opportunity cost

• resources

I want a Big Mac and Chicken nuggets. I can only get one. The one I DONT get is the ______________.

• scarcity

• choice

• opportunity cost

• resources

These are the factors of production that are used in the production of goods and services.

• resources

• price

• production

• supply and demand

Types of ____________ are natural, human, capital, and entrepreneurship.

• resources

• price

• production

• supply and demand

The amount of money exchanged for a good or service.

• resources

• price

• opportunity cost

• demand

The amount of money exchanged for a good or service.

• resources

• price

• opportunity cost

• demand