Those things used to produce goods and services. A. Opportunity cost B. Marginal analysis When an increase in income causes the demand for a C. Ceteris paribus good to decrease. D. Scarcity E. Absolute advantage A good or service that goes along with or is often F. Comparative advantage purchased with another good or service. G. Terms of trade H. Resources The value of the next best thing we give up when we I. Efficient choose something else. J. Inefficient K. Production possibilities The interaction between buyers and sellers; can be a L. Economic growth physical location but more often a conceptual idea. M. Productivity N. Market Measure of the relationship between inputs relative to O. Demand outputs. P. Quantity demanded Q. Supply Being able to produce at a lower opportunity cost than R. Quantity supplied someone else. S. Complementary good T. Substitute good The result in a market when the price produces a U. Income normal quantity supplied that exceeds the quantity demanded. V. Income inferior W. Surplus Holding everything else constant and changing only X. Shortage one variable in order to determine its effect on something Y. Equilibrium price else. Z. Equilibrium quantity 10. The ability and willingness of buyers to purchase different quantities at different prices