What trade-off is involved when you buy a CD?

Which of the following is a visual aid that helps a business determine how best to use its resources?

Why can't economic models judge whether policies are good or bad?

These people take risks in order to reap profits.

To an economist, a want is _________________________.

Which of the following describes what economists do?

Different schools of economic thought exist because _____________.

In a trade-off, opportunity cost is the value of the ________________.

The need to make choices arises because ________________.

The basic problem of economics is ________________.

The branch of economic theory that deals with the economy as a whole and decision making by large units such as governments.

Tangible objects that can satisfy people's wants.

Advance in knowledge leading to new and improved goods and services and better ways of producing them.

The study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants.

A scarce resource.

Human effort directed toward producing goods and services.

Sacrificing one good or service to purchase or produce another.

Graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time.

Value of the next best alternative given up for the alternative that was chosen.

Previously manufactured goods used to make other goods and services.

Many American economists have stressed a ________________ approach at keeping unemployment and inflation low.