Chapter 1

If more immigrants are coming into a country, the potential _______ force for that country would change.

• Land
• Labor
• Scarcity
• Cost

Once you make a decision, your next best alternative is your:

• Entrepreneur
• Shortage
• Scarcity
• Opportunity Cost

A ______________ is a good used by a business to create other goods and services.

• Durable Good
• Capital good
• Nondurable good
• Service

Bill Gates, Sam Walton, Mark Cuban, Oprah, 
Jay Z, Ray Kroc.   All of those people are examples of:

• Entrepreneurs
• Laborers

_____________ Matter to people, and can motivate your cause of action.  These can be positive or negative.

• Trade-offs
• Markets
• Incentives
• Costs

Because almost no one is self sufficient, the fact that we can _________ makes us better off.

• Work
• Trade
• Think

_____________ is the fact that there are limited resources in the world for all of our unlimited needs and wants.

• Shortage
• Costs
• Scarcity
• Markets

There are Three Economic questions that a government or business must answer.  
  What goods and services should be produced?
  How can I make those goods and services?
   And?

• Do I have the resources I need?
• Is there enough time in the day?
• How much money will I make?
• Who consumes these goods and services?

When looking at economic data, economists, business and government leaders want to see it in the form of:

• Pages of data
• Rows and rows of numbers
• Charts and graphs
• Long reports

If you are using less resources than you are capable of using, you are underutilized.  This can be okay, but you are not being very: 

• Efficient
• Trade-offs
• Producing
• Capital