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Basics. Choices. The Hard Stuff. More Basics. Resources. 100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500. 500. 500. 500. 500. What is something like air, food, or shelter that is necessary for survival called?.

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  1. Basics Choices The Hard Stuff More Basics Resources 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

  2. What is something like air, food, or shelter that is necessary for survival called?

  3. need

  4. What is the desire for things that are not essential to survival called?

  5. want

  6. What are physical objects such as clothes or shoes?

  7. goods

  8. What is the effort that people devote to a task for which they are paid called?

  9. labor

  10. What is the study of how people seek to satisfy their needs and wants by making choices called?

  11. economics

  12. What is the alternative that we give up when we choose one option over the other?

  13. cost

  14. What are all the alternatives that we give up when we make a choice?

  15. trade-offs

  16. What's the phrase that refers to the trade-offs that nations face when choosing whether to produce military or consumer goods?

  17. gunsor butter

  18. What is the most desirable alternative given up as the result of a decision?

  19. opportunitycost

  20. What economic law states that as we shift factors of production from one good to another, the price of producing the second item increases?

  21. law of increasing cost

  22. What is the term for using resources in such a way as to maximize the production of goods and services?

  23. efficiency

  24. What is the term for using fewer resources than an economy is capable of using?

  25. underutilization

  26. What is deciding whether to do or use one additional unit of some resource?

  27. thinking atthe margin

  28. What is the line on a production possibilities graph that shows the maximum possible output?

  29. productionpossibilities frontier

  30. What is the graph that shows alternative ways to use an economy's resources?

  31. production possibilities curve

  32. What do you call a situation in which a good or service is unavailable?

  33. shortage

  34. What are actions or activities that one person performs for another?

  35. services

  36. What are ambitious leaders who combine land, labor, and capital to create and market new goods and services called?

  37. entrepreneurs

  38. What are the three factors of production?

  39. land, labor,and capital

  40. What do you call all human-made goods that are used to produce other goods and services?

  41. physical capital

  42. What is another word for limited quantities of resources to meet unlimited wants?

  43. scarcity

  44. What is any human-made resource that is used to create other services and goods?

  45. capital

  46. What are resources that are used to make all goods and services called?

  47. factors of production

  48. What is a natural resource used to make goods and services called?

  49. land

  50. What are the skills and knowledge gained by a worker through education and experience called?

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