_______ exists when there is not enough resources to satisfy human wants

Desires that can be satisfied by consuming a good or service.

Things, such as food, clothing or shelter, that are necessary for survival..

Which is not one of the 3 main economic questions?

Benefits offered to encourage people to act in certain ways.

Benefit gained from using a good or service

Make decisions based on the combination of cost and benefits

What are the 2 main factors in making choices

The alternative that you give up when you make an economic choice

What you give up by choosing one option over another.

Examining the costs and the expected benefits of a choice as an aid to decision making.

Simplified representations of complex economic activities, systems or problems

A graph used to illustrate the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resources

Condition in which economic resources are being used to produce the maximum amount of goods and services

Numerical data or information.

Who is known as the "Father of Economics"?