“No Free Lunch”

1. is the study of how we make decisions in a world in which resources are limited
5. the demand for a good or service is greater than the availability of the good or service, the problem of limited resources
6. trees, metals, and fuel are examples
9. there is a fixed amount of something
11. the purchase or use of a good or service
13. off Decision that must be made when choosing between items
14. the act of making a good
15. necessary for survival

2. cost value of the next best alternative that was given up when an economic choice was made
3. the movement of goods and services
4. because of scarcity, we make these every day
7. the law of economics that states businesses will produce more when things can be sold at a higher price and fewer things when prices are low
8. there is an endless amount of something
10. the law of economics that says buyers will buy more when prices are low and buy less when prices are high
11. economic system in which the means of production are owned by private citizens
12. something we would like to have but do not have to have