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What is something like air, food, or shelter that is necessary for survival called?

need

What is something we would like to have but is not necessary for survival?

want

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

goods

What term describes people with all their abilities and efforts?

labor

What is the study of how people seek to satisfy their needs and wants by making choices called?

economics

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

gross domestic product (GDP)

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

trade-offs

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

guns or butter

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

opportunity cost

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

wealth

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

productivity

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

market

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

standard of living

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

cost-benefit analysis

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

production possibilities curve

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

specialization or division of labor

What is work or labor performed for someone called?

services

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

entrepreneurs

What are the four factors of production?

land, labor, capital, and entrepreneurship

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

physical capital or capital good

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

scarcity

What is any humanmade resource used to provide goods and services?

capital

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

factors of production

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

land

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

human capital