1. 2. the use of resources in such a way as to maximize the output of goods and services
  2. 6. of production the resources that are used to make goods and services
  3. 7. the most desirable alternative given up as the result of a decision
  4. 10. a graph that shows alternative ways to use the economy's productive resources
  5. 14. the effort people devote to tasks for which they are paid
  6. 15. the extra benefit of adding one unit
  7. 17. something that people desire but that is not necessary for survival
  8. 18. the actions or activities that one person performs for another
  9. 19. the extra cost of producing one unit
  10. 22. capital the human-made objects used to create other goods and services
  11. 23. capital the knowledge and skills a worker gains through education and experience
  12. 25. the process of deciding whether to do or use one additional unit of some resource
  13. 26. all natural resources used to produce goods and services
  1. 1. a decision making process in which you compare what you will sacrifice and gain by a specific action
  2. 3. a person who decides how to combine resources to create goods and services
  3. 4. the use of fewer resources than an economy is capable of using
  4. 5. the study of how people seek to satisfy their needs and wants by making choices
  5. 8. a line on a production possibilities curve that shows the maximum possible output an economy can produce
  6. 9. something essential for survival
  7. 11. a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa
  8. 12. an economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second good or service
  9. 13. the act of giving up one benefit in order to gain another, greater benefit
  10. 16. the principle that limited amounts of goods and services are available to meet unlimited wants
  11. 20. the physical objects that someone produces
  12. 21. a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
  13. 24. any human-made resource that is used to produce other goods and services