The principle that limited amounts of goods and services are available to meet unlimited wants.

The two types of capital

Opportunity cost

An economy that is producing the maximum amounts of goods & services is called

A factory is an example of which factor of production?

Another term for a business

Entrepreneurs

Why would you want to produce a production possibilities curve?

Which of the following is an example of a service?

Scarcity is always constant

Mark Zuckerberg is an entrepreneur who is the founder and CEO of which of the following:

Making choices is a large element of economics.

_______ include all human creations used to produce goods and services.

What is a tradeoff?

The use of resources in such a way as to maximize the output of goods & services

The use of fewer resources than an economy is capable of using

a line on a production possibilities curve that shows the maximum possible output an economy can produce

The idea that some necessities, such as water, have a very low monetary value while some non-necessities, such as diamonds, have a very high value is known as

A way of organizing work so that each worker or work group completes a separate part of the overall task is known as

GDP stands for

The social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources.