Our basic economic problem based on the inability to satisfy all wants at the same time because of limited resources is called....

This word describes selecting an item from a set of alternatives...

This word describes what is given up when a choice is made...

Mr. Blankenship has to choose between a new tie or a new belt. He decides to buy a new tie, so his opportunity cost would be...

Resources are...

A friend tells you that there is a shortage of Hot Fries in Virginia Beach. What do you expect to happen to the price of Hot Fries?

You hear on the news there is a surplus of Jordan Brand clothing in the East Coast. What do you expect to happen to the price of these clothes ?

Which of the following most determines the price of an item?

Foot Locker has a buy one get one free sale on all of their shoes. This is a great example of...

I have only $3 to spend for lunch at McDonalds. This is a great example of...

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