1 A) opportunity cost B) scarcity C) capital D) entrepreneurship 2 A) WHEN to produce, WHAT to produce, WHERE to produce B) HOW much money to make, HOW to produce, WHERE to sell C) WHAT to produce, HOW to produce, FOR WHOM to produce D) HOW to produce, HOW MUCH to produce, WHERE to sell 3 A) value B) utility C) scarcity D) wealth 4 A) tradeoff B) market C) producer D) economy 5 A) tools, equipment, and factories used in the production of goods and services B) condition that arises because society does not have enough resources to produce all the things people would like to have C) various combinations of goods and/or services an economy can produce when all productive resources are fully employed D) cost of the next best alternative use of money, time, or resources when one choice is made rather than another 6 A) decision making grid B) free enterprise frontier C) cost-benefit analysis D) production possibilities frontier
.
