1) The study of how to best allocate….Economics
2) Lack of enough resources to satisfy… Scarcity
3) Resource inputs used to produce…Factors of Production
4) Final goods produced for use in the production …Capital
5) The assembling of resources to produce new or improved products…Entrepreneurship
6) The most desired goods or services that are forgone….Opportunity Cost
7) The alternative combinations of final goods and services…..Production Possibilities
8) Maximum output of a good from the resources….Efficiency
9) An increase in output (real GDP)….Economic Growth
10) The use of market prices and sales to signal….Market Mechanism
11) The doctrine of “Leave it alone”…Laissez Faire
12) An economy that used both market signals and government…Mixed Economy
13) An imperfection in the market mechanism that prevents…Market Failure
14) Government intervention that fails to improve….Government Failure
15) The study of aggregate economic behavior…Macroeconomics
16) The study of individual behavior in the economy….Microeconomics
17) The assumption of nothing else changing…Ceteris Paribus