| A | B |
|---|
| An opportunity cost is one of the benefits of making a choice | False |
| In a global economy, economic actions taken anywhere in the world may affect your standard of living. | True |
| In a global economy, economic actions taken anywhere in the world may affect your standard of living. | False |
| Scarcity is the condirion in which resources are available to satisfy our wants. | False |
| Economics is the science that studies the choices of people trying to satisfy their wants in a world of scarcity | True |
| An ocean is one of the natural resources that economics consider land | True |
| Economists use the term "labor" to refer only to the physical talents | False |
| Enterpreneurship is a special talent for searching out and taking advantage of new buisness opportunities and developing new products and new ways of doing things | True |
| Free enterprise is an economic system in which government owns and controls many of the resources | False |
| Economist believe that nearly everything we do has benefits and | Cost |
| Economist think in terms of ___________ effects of any action. | intenteded and unintended |
| People want things that will give them ________ or satisfaction | Utility |
| The problem of________ is a basic fact of life for people everywhere | scarcity |
| Scarcity implies that ________have to be made | goods |
| Land earns __________. | rent |
