Basic Economics

(a)   is the value of the next best alternative foregone (given up) when a choice is made

(a)   is something you must have to survive or to do something

(a)   is something you desire but it is not essential

Resources are (a)   in relation to wants

Choices need to be made about how to (a)   resources among competing uses

How many economic agents are?

• Two

• Three

• Four

• Five

A rise in the minimum wage decreases employment.

• Positive Statement

• Normative Statement

The government should increase spending on healthcare.

• Positive Statement

• Normative Statement

A production possibility frontier (PPF) shows the maximum possible (a)   of two goods or services an economy can achieve when all resources are fully and efficiently employed

PPFs are usually curved because of the

(a)