The human time, effort, and talent that go into the making of products labor
The office space and copy machines used at a copy store is which of the 4 factors of production? Capital
Benefits offered to encourage people to act in certain ways are incentives
The alternative you give up when you make an economic choice Trade-off
The benefit or satisfaction gained from the use of a good or service Utility
A cost-benefit analysis is often organized by using a _________ grid Decision making grid
The value of what you give up by choosing one alternative over another Opportunity cost
Simplified representations of complex economic activities are called economic ___________ models
The condition in which economic resources are not being used to their full potential Underutilization
Production Possibilities at Posters, Inc. Poster boards Foam boards 1,0000 800250 600500 400750 2001,000 01,250 400 Poster boards What is the opportunity cost of producing 500 Foam boards?
Production Possibilities at Posters, Inc. Poster boards Foam boards 1,0000 800250 600500 400750 2001,000 01,250 Efficiency If Posters, Inc. were to produce 600 Poster boards and 500 Foam boards, it would mean that they were practicing ___________________.