Fill in the blanks to make the following statements correct.
a.The three general categories of any economy's resources are _______, _______, and. Economists refer to these resources as the _______ of production.
b.When we use any resource, the benefit given up by not using it in its best alternative way is known as the _______ of that resource.
c. The concepts of scarcity, choice, and opportunity cost can be illustrated by a curve known as the _______.
d. When looking at a production possibilities boundary, any point that is outside the boundary demonstrates . The _______ slope of the production possibilities boundary demonstrates _______.
e. A straight-line production possibilities boundary (PPB) indicates that the opportunity cost of each good is _______, no matter how much of that good is produced. A PPB that is concave to the origin indicates that an _______ amount of one good must be given up to produce more of the other good.
f. Consider an economy producing two goods, A and B, with a PPB that is concave to the origin. As the economy produces more of good A and less of good B, its opportunity cost of producing A_______.