Unit 1: Basic Economic Concepts

The universal truth that our wants, our desires, are absolutely UNLIMITED, but the resources we have to satisfy those wants are _.

The value of the _ __________ alternative that you GIVE UP when you make a choice.

The resources used to produce goods and services: Land, Labor, Capital, and _.

The different ways societies _ themselves to answer the three basic economic questions (what, how, for whom to produce).

An economic system where the _ makes almost all the economic decisions, owning most resources.