Unit 1 Key Terms

2. Laws created by governments in regards to how individuals can control, benefit from and transfer property.
3. It implied that limited quantities of resources to meet unlimited wants.
6. The most desirable alternative given up as the result of a decision.
8. The resources that are used to make all goods and services. This can refer to land, labor, capital.
9. Materials found in nature, which includes fertile land for farming and products that are found on land.
10. A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
11. A perspective on economics that is the study of "what ought to be" rather than what actually is.

1. The study of economics based on objective analysis, which uses what is and what has been occurring in an economy as the basis for any statements about the future
4. A graph that shows alternative ways to use an economy's productive resources.
5. The process used to produce a good or service.
7. All the alternatives that we give up whenever we choose one course of action over another.