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| is a situation in which the quantities of the goods and services produced are those that people value most highly it is not possible to produce more of a good or service without giving up some other good that people value are highly |
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| other things remaining the same |
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| if a person has ____ in an activity if that person can perform the activity at a lower opportunity cost than anyone else |
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a good that is consumed with another good
ex: ice cream and fudge |
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| is a good that is produced along with another good |
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| the sustained expansion of production possibilities |
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| price where quantity demanded equals the quantity supplied |
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| the quantity bought and sold at equilibrium price |
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| knowledge and skills that people obtain from education, on the job trying ad work experience |
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| paired for the use of capital |
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| good fro which the demand increase if income increases and demand decreases if income decreases |
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| a good for which the demand decreases if income increases and demand decrease if income decreases |
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| highest valued alternative that we give up to get something |
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| a situation in which more of one good or service cannot be produced without producing less of something else |
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| boundary between those combinations of goods and services that can be produced and those that cannot |
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| uses available resources to most effectively satisfy the wants of the person of the person making the choice |
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| paired for the services of labor |
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| states that other things remain the same if the price of a good rises the quantity demanded of that good decreases and if the price of a good falls the quantity demanded of that good increases |
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| states that other things remaining the same if the price of a good rises the quantity supplied of that good increases and if the price of a good falls the quantity supplied of that good increases |
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| quantity demanded exceeds the quantity supplied |
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| quantity supplied exceeds the quantity demanded |
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| the ___ for a good refers to the entire relationship between the price of the goof and the quantity demanded of that good |
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| a good that can be consumed in place of another good |
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| is a good that can be produced in place of another good |
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