Ms. Jackson went out on black Friday hoping to score a new flat-screen tv at the local Walmart supercenter. She was sorely disappointed when she realized that she was the 100th person in line and Walmart only guaranteed to have 4 tv’s in stock. What basic concept does this illustrate?

Selection of an item from a set of possible alternatives

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services

Something which incites or motivates consumers to economic behavior or to change economic behavior

Inability to satisfy all wants at the same time

That which is given up when a choice is made (the second best alternative) "It's what you lose when you choose."

Machines, tools, money, factories, etc.

Factors of production that are used in the production of goods and services

The amount of a good or service that producers are willing and able to offer for sale

The amount of a good or service that consumers are willing to buy at different prices

Oil, natural gas, and coal

As a noun, it means the item that is brought in. As a verb, it means to bring in merchandise - products or services-from another country.

means to send products or services to another country for sale in its markets (verb)

As a noun, this word refers to the item itself - product or service-that is sent out of a country for sale.

In Economics, it is the quantitiy of a product or service that is available for purchase.

Opportunity cost is the next best choice when a decision is made.

Which point on the PPC is desirable but not attainable?

What can cause a shift to the right on a PPF?

Scarcity means:

TRUE or FALSE: We can have everything that we want because we have unlimited resources.

What name is given to the value of the next best alternative that you give up when you make a decision?