Matching
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a. | production possibilities frontier | m. | human
capital | b. | law of increasing costs | n. | capital | c. | economics | o. | underutilization | d. | physical capital | p. | land | e. | cost | q. | guns or butter | f. | scarcity | r. | factors of
production | g. | labor | s. | need | h. | efficiency | t. | opportunity cost | i. | goods | u. | shortage | j. | thinking at the
margin | v. | production
possibilities curve | k. | want | w. | services | l. | entrepreneur | x. | trade-off |
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1.
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the line on a production possibilities graph that shows the maximum possible
output
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2.
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all human-made goods that are used to produce other goods and services;
tools and buildings
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3.
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deciding whether to do or use one additional unit of some
resource
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4.
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law that states that as we shift factors of production from making one good
or service to another, the cost of producing the second item increases
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5.
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a graph that shows alternative ways to use an economy’s
resources
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6.
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actions or activities that one person performs for
another
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7.
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limited quantities of resources to meet unlimited wants
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8.
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a phrase that refers to the trade-offs that nations face when choosing
whether to produce more or less military or consumer goods
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9.
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the most desirable alternative given up as the result of a
decision
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10.
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physical objects such as clothes or shoes
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11.
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the skills and knowledge gained by a worker through education and
experience
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12.
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something like air, food, or shelter that is necessary for
survival
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13.
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a situation in which a good or service is unavailable
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14.
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to an economist, the alternative that is given up because of a
decision
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15.
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any humanmade resource that is used to create other goods and
services
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16.
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an alternative that we sacrifice when we make a decision
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17.
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using fewer resources than an economy is capable of using
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18.
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natural resources that are used to make goods and services
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19.
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ambitious leader who combines land, labor, and capital to create and market
new goods and services
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20.
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the study of how people seek to satisfy their needs and wants
by making choices
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21.
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the effort that people devote to a task for which they are paid
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22.
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land, labor, and capital; the three groups of resources that are used to
make all goods and services
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23.
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using resources in such a way as to maximize the production of goods and
services
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24.
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an item that we desire but that is not essential to survival
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