Economics

3. maximum possibilities for 2 goods
5. involves a sacrifice that must be made to get a certain product or experience.
6. financial motivations for people to take certain actions.
7. Resources (4 Factors of Production) input resources required in the production of goods and services.
10. Cost the value of the next-best alternative when a decision is made;
11. the state of being scarce or in short supply a product given or service by a supplier that offers to consumers at a given price level.

1. essentials we need for survival
2. Possibilities Frontier a graph that shows different combinations of output of two goods that can be produced using available resources and technology.
3. the amount of physical, mental, and social effort used to produce goods and services in an economy.
4. the process of discovering new ways of combining resources.
8. liquid assets
9. something that we desire