ALCOS 1 ECON

A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• shortage

• scarcity

• opportunity cost

• rarity

The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

• scarcity

• opportunity cost

• alternative cost

• choice cost

An alternative that we sacrifice when we make a decision.

• trade-off

• opportunity cost

• alternative sacrifice

• decision cost

_____ is a term in economics that refers to the total satisfaction received from consuming a good or service. Its "usefulness".

• trade-off

• cost benefit

• utility

• marginal revolution

All natural resources used to produce goods and services.

• land

• labor

• capital

• technology

Human effort directed toward producing goods and services.

• land

• labor

• entrepreneurship

• categorical imperative

The equipment and structures used to produce goods and services.

• labor

• land

• entrepreneurship

• capital

_______, in an economic sense, is the accumulation of those products that are tangible, scarce, useful, and transferable from one person to another.

• labor

• tech

• wealth

• innovation talent

Food, water, and shelter are examples of

• want

• need

TANSTAAFL stands for?

• there are no stations that affect agriculture in Florida

• There ain't no such thing as a free lunch

• Took Angie napkin stealing together and forever loser