Econ. Chapter #1 , words

4. theory or simplified reprsentaion that helps explain the pedict economic behavior in the real world
6. sacrificing one good or service to ourchase of produce another
7. the brach of economic theory dealing with the economy as a whole and decsion making by large units such as governments
8. of land, labor, capital , and entrprunuership used to produce goods and services
11. the production and distrubtion of goods and services
12. the study of how individuals and societies mkae choices about ways to use scarce resources to fufill their wants
13. advance in knowlegde leading to new and improved good and services and better ways to produce them
15. possibilties curve/ graph showing the maximum combination of goods and services that can be producesd from fixed amount of in given period of time
16. actions that can satisty people's wants and needs
17. human effort directred towards producing goods and services

1. condition of not being able to have all the goods and services one wants, because wants exceed what can be made frome all avaiable resources at any given time
2. tangible objects that can satisfu people's want or needs
3. natrual resources and surface land and water
5. ablity of risk-taking individuals to develop new producs and start new busineses in order to make profit
7. the branch of econmic theory that deals with behavior and decision making by small units such as individula and firms
9. previously manufactured goods used to make other goods and services
10. value of the next best alternative given up for the alternative that was chosen
14. an assumption involving two or more variables that must be tested for validty