Selecting an item or action from a set of possible alternatives or choices. You must choose or make decisions about the desired goods and services because these are limited. This is:

The amount of money exchanged for a good or service. The interaction of supply and demand determines this. This also determines who acquires goods and services. This is:

The inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. This is:

Things that motivate us to buy. These are used to change economic behavior

___________ it the amount of the good or service that producers are willing and able to sell at a certain price

This is using goods or services. The consumer preference sand price determine what is purchased

This is what is given up when a choice is made:

When the consumer makes this decision, the highest value alternative is foregone or given up. They consider the value of what is given up when making this choice

The combining of human, natural, capital and entrepreneurship resources to make goods or services is:

Resources available and consumer preferences determine this:

PRODUCTION

When resources are limited and consumers must make a choice:

Rivalry between a seller of goods and services results in higher quality and lower prices is what characteristic of the U.S. economy?

The availability of resources and consumer preferences determines

What is given up when a choice is made?

Opportunity cost

The interaction between supply and demand determines the:

The inability to satisfy all wants at the same time is called:

_______ are things that motivate and are used to change economic behavior

When the supply of the product or service is high and the demand is low, the price will be:

Producers buy resources and sell products in hopes of accomplishing

____________.

Individuals sell _____________ to producers