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This is the amount of a good or service that consumers are willing and able to buy at a certain price.
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
This is selection of an item or action from a set of possible alternatives.
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
Interaction of supply and demand determines __________?
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
This is what is given up when a choice is made—i.e., the highest valued alternative is forgone
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
These are factors of production that are used in the production of goods and services. Types of ________ are natural, human, capital, and entrepreneurship.
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
The inability to satisfy all wants at the same time is known as?
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
This is the amount of money exchanged for a good or service.
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
This is the amount of a good or service that producers are willing and able to sell at a certain price.
Demand
Supply
Scarcity
Resources
Choice
Price
Opportunity cost
Price
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