_____ are things that add comfort and pleasure to your life.

____ are things that you can see and touch.

____ are activities provided for the satisfaction of others that are consumed at the same time they are produced.

____ are the things available to be used to produce goods and services.

Economic resources are also known as ____.

The people who produce goods and services are known as ____.

The risk taker who uses resources to create a new product or service is called a(n) ____.

The products and money used in the production of goods and services are called ____.

Your needs and wants never end.

____ means not having enough resources to satisfy every need.

The basic economic problem is that consumers do not have enough products or services to choose from.

Scarcity forces you to make ____

_____ is the process of choosing which needs and wants will be satisfied.

When you give something up in order to have something else, you are making a(n) ____.

You decide to buy a new video game instead of buying a new pair of pants. What is the trade-off in this example?

The value of the next-best alternative that you were not able to choose is known as the ____.

The benefit you get from your choice should be _____ the benefit from the next-best choice that you did not choose.

Which of the following is the first step in the decision-making process?

For every decision, the problem must be clearly defined.

It is not necessary to consider all of the alternatives when making a decision.

It's rare that you'll have choices with many alternative options.

The decision-making process is best to use when ____.

John has 2 hours before having to go to his part-time job. He is deciding between studying for a math exam and taking a nap. If he chooses to take a nap, the opportunity cost of his decision is ____.

Which of the following is an economic question? (select all that apply)

The goods and services that a country produces rely upon on the _____ that it has available.

A(n) ____ is the method a country uses to answer the 3 economic questions.

In a ____ economy, the resources are owned and controlled by the government.

In a ____ economy, the resources are owned and controlled by the people of that country.

In a ____ economy, goods and services are produced the way it has always been done.

A ____ economy combines elements of other economies.

A ____ economy is usually found in less developed countries.

If a country's government decides how resources will be used, it has a ____ style economy.

The former Soviet Union operated under ______ for more than 70 years, during which consumers faced very limited choices and options for goods.

____ refers to the private ownership of economic resources by individuals, rather than by the government.

Another term for capitalism is ____.

The US is based on 4 very important principles. Select all 4:

The right of ____ means that you can make economic decisions independently and must accept the consequences of those decisions.

The rivalry among businesses to sell their goods and services is known as ____.

Businesses invest resources and take risks for one main purpose: ____.

The right of ____ means that you can own, use, or dispose of things of value.

Competition encourages businesses to improve products.

In the U.S., if you invent something of value, you are not protected from others taking your idea.

Which of the following addresses the economic question of how to produce?