Basic Economic Problem

The ..... ......... ....... is how to allocate scarce resources to satisfy unlimited needs and wants.

The three segments of industry are ...., ...., & ....

Economic agents are ...., ...., and ....

Items in limited supply

Goods which are unlimited in supply

Goods that are essential for survival

The cost of the next best opportunity foregone when making a decision

The curve represents the maximum amount of goods and services which can be produced in an economy

Goods and services that are not necessary for survival but are demanded by economic agents

non-physical items such as haircuts, internet access, online transportation, etc