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contecon1 Word Scramble

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Created by: salus

Question	Answer
efficiency	Use of resources in a way that minimizes output of goods and services.
goods	Physical objects that can be exchanged.
trade-off	All possible alternatives that are rejected when a choice is made.
scacity/shortage	Limited quantities of resources to meet unlimited needs or desires.
services	Actions or activities that one person performs for another.
opportunity cost	Most desirable alternative given up when people chose one course or another
underutilization	Use of fewer resources than the economy is capable of using.
labor	Paid effort that people devote to a task.
factors of production	labor, land and capital
production possibilities graph	Representation of alternative ways to use the economy's resources.
production possibilities frontier	The line that shows different production possibilities for an economy.
production possibilities graph	Representation of the possible ways an economy could use resources.