Terms : Hide Images
| 307639637 | Need | something like air, food, or shelter that is necessary for survival | 0 | |
| 307639638 | Want | an item that we desire but is not essential to survival | 1 | |
| 307639639 | Economics | the study of how people seek to satisfy their needs and wants by making choices | 2 | |
| 307639640 | Goods | physical objects such as clothes or shoes | 3 | |
| 307639641 | Services | actions or activities one person performs for another | 4 | |
| 307639642 | Scarcity | limited quantities of resources to meet unlimited wants | 5 | |
| 307639643 | Shortage | a situation in which a good or service is unavailable, or a situation in which the quantity demanded is greater than the quantity supplied, also known as excess demand | 6 | |
| 307639644 | Factors of production | land, labor, and capital; the three groups of resources that are used to make all goods and services | 7 | |
| 307639645 | Land | natural resources that are used to make goods and services | 8 | |
| 307639646 | Labor | the effort that people devote to a task for which they are paid | 9 | |
| 307639647 | Capital | any human-made resource that is used to create other goods and services | 10 | |
| 307639648 | Physical capital | all human-made goods that are used to produce other goods and services; tools and buildings | 11 | |
| 307639649 | Human capital | the knowledge and skills a worker gains through education and experience | 12 | |
| 307639650 | Entrepreneur | ambitious leader who combines land, labor, and capital to create and market new goods or services | 13 | |
| 307639651 | Trade-off | an alternative or option we consider when we make a decision | 14 | |
| 307639652 | Guns or butter | a phrase that refers to the trade-off that nations face when choosing whether to produce more or less military or consumer goods | 15 | |
| 307639653 | Opportunity cost | the most desirable alternative given up as the result of a decision | 16 | |
| 307639654 | Thinking at the margin | deciding whether to do or use one additional unit of some resource | 17 | |
| 307639655 | Production possibilities curve | a curve that shows alternative ways to use an economy's resources | 18 | |
| 307639656 | Production possibilities frontier | the line on a production possibilities graph that shows the maximum possible output for a specific economy | 19 | |
| 307639657 | Efficiency | using resources in such a way as to maximize the production of goods and services | 20 | |
| 307639658 | Underutilization | using fewer resources than an economy is capable of using | 21 | |
| 307639659 | Cost | an alternative that is given up as the result of a decision | 22 | |
| 307639660 | Law of increasing costs | as we shift factors of production from making one good or service to another, the cost of producing the second items increases. | 23 |
