Because we face scarcity, we must make _____________.

A(n) __________________ is a reward that encourages an action or a penalty that discourages an action.

The work time and work effort that people devote to producing goods and services is __________.

The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.

The human resource that organizes land, labor, and capital is _________________.

Land earns ___________.

Labor earns ___________.

Capital earns _____________.

Entrepreneurship earns ___________.

You make choices that are in your ___________—choices that you think are best for you.

Choices that are best for society as a whole are said to be in the __________

Social interest has two dimensions: ______________ and __________.

_________ is achieved when the available resources are used to produce goods and services at the lowest possible price and in quantities that give the greatest possible benefit.

____________ is fairness, but economists have a variety of views about what is fair.

____________ means the expansion of international trade, borrowing and lending, and investment.

Globalization is in the self-interest of ____________ who buy low-cost imported goods and services.

A choice is a ____________.

__________ is what you gain from something.

The___________ __________ of something is the highest-valued alternative that must be given up to get it.