new terms: please write the correct term for each definition provided.
need
labor
scarcity
guns & butter
services
capital
efficiency
shortage
land
human capital
opportunity costs
entrepreneur
trade off
marginal cost
marginal benefit

6. ______ something essential for survival, such as food or medical care.
7. ______ the effort people devote to tasks for which they are paid.
8. ______ a person who decides how to combine resources to create goods and services.
9. ______ the use of resources in such a way as to maximize the output of goods and services.
10. ______ any human - made resource that is used to produce other goods and services.
11. ______ the extra cost of adding one unit.
12. ______ the principle that limited amounts of goods and services are available to meet unlimited wants.
13. ______ a situation in which consumers want more of a good or service than producers are willing to make available at a particular price.
14. ______ the actions or activities that one person performs for another.
15. ______ the extra benefit of adding one unit.
16. ______ all natural resources used to produce goods and services.
17. ______ cost of operating a facility, such as a factory or store.
18. ______ a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods.
19. ______ act of giving up one benefit in order to gain another, greater benefit.
20. ______ the knowledge and skills a worker gains through education and experience.

extra credit: fill in the blanks... (5 points each)
a. economics is the study of of people and ____________.
b. economics decisions are wants vs. ____________.
c. the us government spends most of its money and greatest expense is ____________.
d. marco economics uses ____________ to influence spending decisions.
e. opportunity cost video examples included pineapples vs. ____________.

Question

new terms: please write the correct term for each definition provided.
need
labor
scarcity
guns & butter
services
capital
efficiency
shortage
land
human capital
opportunity costs
entrepreneur
trade off
marginal cost
marginal benefit

6. ______ something essential for survival, such as food or medical care.
7. ______ the effort people devote to tasks for which they are paid.
8. ______ a person who decides how to combine resources to create goods and services.
9. ______ the use of resources in such a way as to maximize the output of goods and services.
10. ______ any human - made resource that is used to produce other goods and services.
11. ______ the extra cost of adding one unit.
12. ______ the principle that limited amounts of goods and services are available to meet unlimited wants.
13. ______ a situation in which consumers want more of a good or service than producers are willing to make available at a particular price.
14. ______ the actions or activities that one person performs for another.
15. ______ the extra benefit of adding one unit.
16. ______ all natural resources used to produce goods and services.
17. ______ cost of operating a facility, such as a factory or store.
18. ______ a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods.
19. ______ act of giving up one benefit in order to gain another, greater benefit.
20. ______ the knowledge and skills a worker gains through education and experience.

extra credit: fill in the blanks... (5 points each)
a. economics is the study of of people and ____________.
b. economics decisions are wants vs. ____________.
c. the us government spends most of its money and greatest expense is ____________.
d. marco economics uses ____________ to influence spending decisions.
e. opportunity cost video examples included pineapples vs. ____________.

Accepted Answer

### New Terms (6 - 20)
#### 6.
# Brief Explanations:
The term for something essential for survival (like food or medical care) is "Need".
# Answer:
Need

#### 7.
# Brief Explanations:
The effort people devote to paid tasks is "Labor".
# Answer:
Labor

#### 8.
# Brief Explanations:
A person who combines resources to create goods/services is an "Entrepreneur".
# Answer:
Entrepreneur

#### 9.
# Brief Explanations:
Using resources to maximize output is "Efficiency".
# Answer:
Efficiency

#### 10.
# Brief Explanations:
Human - made resources for production are "Capital".
# Answer:
Capital

#### 11.
# Brief Explanations:
The extra cost of one more unit is "Marginal Cost".
# Answer:
Marginal Cost

#### 12.
# Brief Explanations:
Limited goods/services for unlimited wants is "Scarcity".
# Answer:
Scarcity

#### 13.
# Brief Explanations:
When consumers want more than producers offer at a price is "Shortage".
# Answer:
Shortage

#### 14.
# Brief Explanations:
Actions one person does for another are "Services".
# Answer:
Services

#### 15.
# Brief Explanations:
The extra benefit of one more unit is "Marginal Benefit".
# Answer:
Marginal Benefit

#### 16.
# Brief Explanations:
Natural resources for production are "Land".
# Answer:
Land

#### 17.
# Brief Explanations:
Cost of operating a facility (like factory/store) is part of "Capital" (or could be considered as a cost related to capital, but in the given terms, "Capital" is the human - made resource used in production, and the cost of operating such a facility is related to capital. However, if we strictly go by the terms, maybe there was a typo, but among the given terms, "Capital" is the closest in terms of the resource for which the cost is incurred. Alternatively, if we consider the term for the cost of using capital, but since the terms given are as above, we'll go with the intended term. Wait, maybe the question is about the resource, but the description is about the cost. Anyway, among the terms, "Capital" is the human - made resource. So the answer is "Capital".
# Answer:
Capital

#### 18.
# Brief Explanations:
The phrase about military vs consumer goods is "Guns & Butter".
# Answer:
Guns & Butter

#### 19.
# Brief Explanations:
Giving up one benefit for another is "Trade Off".
# Answer:
Trade Off

#### 20.
# Brief Explanations:
Knowledge/skills from education/experience is "Human Capital".
# Answer:
Human Capital

### Extra Credit (A - E)
#### A.
# Brief Explanations:
Economics is the study of people and "Resources" (or "the choices they make about resources", but the common phrase is "Economics is the study of how people and societies choose to allocate scarce resources". So the blank is about resources or the choices related to resources. The most common fill - in is "Resources" or "the allocation of resources" but in a simple form, "Resources".
# Answer:
Resources (or "the allocation of resources", but "Resources" is more likely for a basic fill - in)

#### B.
# Brief Explanations:
Economics decisions are wants vs "Needs" (or "Resources" as wants are unlimited and resources are limited. The common phrase is "wants vs. needs" or "wants vs. resources". Since in the new terms we have "Need" and "Scarcity" (resources are scarce), but "Needs" is a more direct contrast to "Wants" in basic economics.
# Answer:
Needs (or "Resources")

#### C.
# Brief Explanations:
The US government's greatest expense is "Social Security" (or "Medicare/Medicaid", but Social Security is one of the largest. The major expenses of the US government are Social Security, Medicare, Medicaid, and Defense. But the most common answer for the greatest expense is "Social Security" or "Healthcare (Medicare/Medicaid)".
# Answer:
Social Security (or "Medicare/Medicaid")

#### D.
# Brief Explanations:
Macroeconomics (note: "Marco" is a typo, should be "Macro") uses "Fiscal Policy" (taxes, government spending) and "Monetary Policy" (interest rates, money supply) to influence spending decisions. So the answer could be "Fiscal and Monetary Policy" or more specifically "Fiscal Policy" (if we consider one) or "Monetary Policy". But the common answer is that macroeconomics uses fiscal and monetary policy.
# Answer:
Fiscal and Monetary Policy (or "Fiscal Policy", "Monetary Policy")

#### E.
# Brief Explanations:
In many opportunity cost examples with pineapples, it's often "Bananas" (a common trade - off in simple examples, like in a two - good economy model).
# Answer:
Bananas

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QUESTION IMAGE

Question

Explanation:

New Terms (6 - 20)

6.

Answer:

7.