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| The science of how & why people, businesses, & governments make the choices that they do. |
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| The condition of having unlimited wants & thus never being satisfied. |
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| The condition of a good or service being finite or limited in quantity. |
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| The value people place on a good or service. |
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| Any tangible thing that has a measurable life span. |
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| Intangible functions produced by useful labor. |
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| Items that bear a positive economic cost. |
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| Services that bear a positive economic cost. |
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| Items that bear a negative economic cost. |
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| Turning nuisance goods into economic goods. |
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| Items provided freely by God in nature. |
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| Services provided freely by God in nature. |
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Term
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| The riddle that asks which is more valuable, a handful of diamonds or a glass of water, solved by Carl Menger in 1871 when he proposed that value is not inherent in an object but rather is determined by the buyer. |
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| Value ascribed to a good or service because of its nature. |
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| The worth of a good or service as determined by its usefulness to the buyer. |
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| The satisfaction a person receives from a choice. |
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| The satisfaction one gives up or the regret one experiences for not choosing a desirable alternative. |
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| An imaginary unit of satisfaction. |
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Definition
| The level of economic study that is concerned with choices made by individual units. |
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| The level of economic study that is concerned with large-scale economic choices & issues. |
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| The approach to economic study involving the observation of economic choices & the prediction of economic events. |
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Term
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| The approach to economic study involving value judgments about existing & proposed economic policies. |
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