Explain the difference between a price-consumption curve and a demand curve. a price-consumption curve shows a. the utility-maximizing combinations of two goods as the price of one good changes, while a demand curve shows the quantity of one good consumers are willing to buy as the price of that good changes. b. the utility-maximizing combinations of two goods as the prices of those goods change, while a demand curve shows the quantity of one good consumers are willing to buy as the price of that good changes. c. the difference between what a consumer is willing to pay for a good and the amount actually paid, while a demand curve shows the quantity of one good consumers are willing to buy as the price of that good changes. d. the utility-maximizing combinations of two goods as the price of one good changes, while a demand curve shows the quantity of one good consumers are willing to sell as the price of that good changes. e. the quantity of one good consumers are willing to buy as consumer income changes, while a demand curve shows the quantity of one good consumers are willing to buy as the price of that good changes.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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answer; lags, push the econ below the natural level of output;

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