Econ Ch. 1 Quiz

______________ is the condition that results from society not having enough resources to produce all the things people would like to have.

_____________ is the study of how people try to satisfy seemingly unlimited and competing needs and wants through careful use of relatively scarce resources.

__________ is work that is performed for someone.

__________ is the capacity to be useful and/provide satisfaction.

A ________ is a basic requirement for survival.

________ refers to the "gifts of nature," or natural resources not created by people.

These individuals are ______________, risk-takers in search of profits who do something new with existing resources.

_______________- the tools, equipment, machinery, and factories, etc., used in the production of goods and services.

_____________ is the next best alternative given up when a choice is made.

____________ is a measure of the amount of goods and services produced with a given amount of resources in a specific period of time.