Unit 1 Review

4. The next best alternative given up when making a choice
8. The alternatives or benefits given up when making a choice
10. Products that are commonly used together
11. Money earned by individuals or households
13. Final products purchased by individuals for personal use
16. A market where firms sell goods and services to consumers
17. Products that can be used in place of each other
18. Products used to produce other goods and services, such as tools and machines

1. A situation where quantity supplied is greater than quantity demanded
2. Government rules that can affect the cost of doing business and supply
3. Government payments that help businesses lower costs and may increase supply
5. The amount of a product that consumers are willing and able to buy
6. A market where households supply resources and firms demand them
7. Government charges that can increase costs for businesses and decrease supply
9. The point where quantity supplied equals quantity demanded
12. A situation where quantity demanded is greater than quantity supplied
14. The amount of a product that producers are willing and able to sell
15. The condition that exists because resources are limited but wants are unlimited