Fill in the blanks.
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a. ___________ is the study of choice under conditions of scarcity.
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b. ____________exists if we desire more of something than we can have.
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c.Ā ___________when you give up one thing to get something else.
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d.Ā ___________the value of the next-best alternative given up when that choice is made.
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e.Ā ___________a system for coordinating the production and distribution of goods and services.
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f. ___________physical items produced in an economy, such as jeans, tennis rackets, popcorn, cars, and homes.Ā
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g. ______________activities produced in an economy, such as education, entertainment, and health care.
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h. _____________a collection of people who share a common bond, such as those living in a city, a country, or even the entire world.
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i. ____________minimal requirements of things such as food, water, and shelter that are necessary for survival.
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j. ___________things that are desired but are not essential to life.
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k. ______________the time and effort people contribute to the production process.
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l. _____________anything long lasting that is created by humans for use in production.
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m. ___________ any long-lasting good that is used to make other goods or services.
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n. ______________refers to the skills and knowledge of workers.
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o. ___________are the basic elements from which all goods and services are produced.
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