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

These people take risks in order to reap profits.

To an economist, a want is _________________________.

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

The need to make choices arises because ________________.

The basic problem of economics is ________________.

Tangible objects that can satisfy people's wants.

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.