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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 we would like to have but is not necessary for survival?. want.

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  1. 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 we would like to have but is not necessary for survival?

  3. want

  4. What are individuals who introduce new products or services in search of profits called?

  5. entrepreneurs

  6. What are the four factors of production?

  7. land, labor, capital, and entrepreneurship

  8. What is the value of tangible goods that are transferable from one person to another called?

  9. wealth

  10. What is quality of life based on ownership of necessities and luxuries called?

  11. standard of living

  12. What is a basic requirement of survival, including food, clothing, and shelter?

  13. need

  14. What is dividing work into separate tasks performed by different workers called?

  15. specializationordivision of labor

  16. What are people's skills, abilities, health, and motivation?

  17. human capital

  18. What is a comparison of the cost of an action to its benefits called?

  19. cost-benefit analysis

  20. What are tools, equipment, and factories used to produce other goods and services?

  21. physical capitalorcapital good

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

  23. guns or butter

  24. What are natural resources used to produce other goods and services?

  25. land

  26. What is the amount of output produced in a specific time with a given amount of resources called?

  27. productivity

  28. What is the meeting place or arrangement through which buyers and sellers interact?

  29. market

  30. What is any human-made resource used to provide goods and services?

  31. capital

  32. What are tangible products used to satisfy wants and needs called?

  33. goods

  34. What term describes people with all their abilities and efforts?

  35. labor

  36. What is the monetary value of all final goods, services, and structures made in a country in a year?

  37. gross domestic product (GDP)

  38. What is a graph of goods and services an economy can produce?

  39. production possibilities curve

  40. What is the cost of the next best alternative when a choice is made?

  41. opportunity cost

  42. What is the study of how people satisfy needs and wants using scarce resources?

  43. economics

  44. What is work or labor performed for someone called?

  45. services

  46. What term refers to the problem of limited resources and people's unlimited needs and wants?

  47. scarcity

  48. What are alternatives that must be given up when a choice is made?

  49. trade-offs

  50. What are the resources needed to produce goods and services: land, labor, capital, and entrepreneurship?

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