1. ___________________ is a situation in which people's wants exceed their resources.
   
   
2. ___________________ is the study of how people deal with scarcity.
   
   
3. People make ___________________ with scarce resources.
   
   
4. Economic interactions occur in ___________________ and within ___________________.
   
   
5. The ___________________ of a choice is the value of the forgone alternative that was not chosen.
   
   
6. When both participants are made better off by an economic interaction, there are ___________________.
   
   
7. Specialization in production results in ___________________.
   
   
8. One person or group of people has a(n) ___________________ in producing one good relative to another good when they can produce that good with comparatively less time, effort, or resources than another person can produce that good.
   
   
9. ___________________ occurs when individuals who live in different countries trade with each other.
   
   
10. ___________________ represent the alternative choices of goods that the economy can produce.
    
    
11. The graphical depiction of production possibilities is called the ___________________.
    
    
12. ___________________ causes an outward shift in the production possibilities curve.
    
    
13. The two major types of economies are ___________________ economies and ___________________ economies.
    
    
14. ___________________ are the legal authority to keep or sell property.
    
    
15. In a market economy, prices serve as ___________________, provide ___________________, and affect the ___________________.