econ unit 1

3. The most desirable alternative given up by making a decision.
5. a graph that shows alternative ways to use resources in the production of two goods or services.
7. products and services that satisfy human wants directly
8. Production and consumption is based on voluntary exchanges.
10. something desirable but not necessary.
11. Government plays some role in decision making.
13. Giving up one or more things by choosing another.
15. Goods that are neither excludable nor rival in consumption
16. Goods that are "consumed" and are not expected to last

1. land, labor, capital, and entrepreneurship
2. an unintended side effect of a good or service
4. Minimum amount of money needed to survive.
6. a positive or negative environmental stimulus that motivates behavior
9. uses custom and ritual to determine questions of production and consumption.
12. necessary for survival
14. the study of how people seek to satisfy their needs and wants by making choices.