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Economics Unit 1 Name __________

Teacher: Julie Nordin - Earth Science
The three (sometimes four) basic things used to produce goods and services.
The disadvantages of a particular course of action as measured by bad feeling, dollars or number of items.
One of the resources that consist of mineral deposits, air, virgin forests, and actual fields of land.
Trading a good or service for another good or service, or for money.
The allocation of dividing up or the goods and services a society produces.
One of the resources in production that would include YOU!
A situation in which decisions made by one person affect decisions made by other people, or events in part of the world or sector of the economy affect other parts of the world or other sectors of the economy.
Serves as a medium of exchange and is generally accepted as final payment for goods and services.
Activities performed by people, firms, or government agencies to satisfy economic wants.
Voluntary exchange of goods and services for money or other goods and services.
Any reward or benefit, such as money or good feeling, that motivates choices and behaviors.
The study of how people, firms, and societies choose to use scarce resources.
People and firms that use resources to make goods and services.
The second-best alternative or the value of that alternative that must be given up when scarce resources are used for one purpose instead of another.
The advantage(s ) of a particle course of action as measured by good feeling, dollars, or number of items.
The amount of money that people pay when they buy a good or service.
A situation in which people produce items or provide services for which they are best fit. It increases productivity and requires trade and it increases interdependence.
The condition that exists when human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use.
To distibute
Tangible objects that satisfy economic wants.
Course of action taken when faced with a set of alternatives.