These are the desires that people have that can be met by getting a product or service

This is the study of how people choose to use their limited resources to satisfy their unlimited wants.

This is a thing that can be used--natural resources, labor, capital--to make goods or services

This occurs whenever we do not have enough resources to produce all of the things we would like to have.

What is the fundamental problem facing all societies today?

________ of resources forces societies to make economic choices.

We must answer 3 economic questions. Which is NOT one of the three?

All societies face the same face the same three problems of deciding

Making a _____ is giving up one alternative good or service for another

______ is the cost of the next-best use of your money or time when you choose to do one thing rather than another

______ are expenses that do not change no matter how much a business produces.

A kind of cost that changes depending on how much a business produces.

People have unlimited

This is the combination of all fixed and variable costs.

This is the additional or extra opportunity cost associated with each increase of unit of sales

The money a business receives from selling its goods or services.

This is the additional income received from each increase of one unit of sale

This is an economic model that compares the marginal costs and the marginal benefits of a decision

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