Economics

3. The four resources (land, labor, capital, entrepreneurship used to produce goods and services.”
4. The principle that as price increases, quantity supplied tends to increase.”
6. point on the curve where resources are fully and optimally used.”
7. The quantity of a good or service consumers are willing and able to buy at various prices.”
9. The value of the next best alternative you give up when making a choice.”
11. The quantity of a good or service producers are willing and able to sell at different prices.”

1. A graph showing the maximum combinations of two goods an economy can produce with available resources
2. The principle that as price increases, quantity demanded tends to decrease.”
5. A point inside the curve showing underutilized resources.”
8. The basic economic problem of having limited resources but unlimited wants.”
10. A situation where choosing more of one thing means giving up something else.”