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Definition
| The study of how we make choices when faced with limited supply of resources. |
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| The most basic economic problems our wants are greater than what is available it forces us decide what is most important to us |
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| something necessary to remain alive |
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| Things that we do not need to survive but make our lives better |
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| Things that people, businesses, and governments buy |
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| The work done for other people for a fee |
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Definition
| Every country in person has resources they use to get the things they need and want. A resource is anything that people use to make things or to do work |
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| Shortages can be renewed or replaced |
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| A person who decides how to combine resources to create goods and services |
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| The resources that are used to make goods and services |
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| All natural resources used to produce goods and services |
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| The effort people devote to tasks for which they are paid |
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| Any human made resource used to produce goods and services |
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| The human made objects used to create other goods and services |
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| The knowledge and skills gained from education and experience |
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Definition
| You give up one thing for another |
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| The idea that a country that produces guns has fewer resources to reduce butter (consumer goods) and vice versa |
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Definition
| The most desirable alternative given up as the result of a decision |
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Definition
| A process in which you compare what you will sacrifice and gain by specific action |
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Definition
| The extra cost of adding one unit |
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| The extra benefit of adding one unit |
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Term
| Production possibilities curve |
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Definition
| a tool economists use to decide what and how much to produce |
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Term
| Production possibilities frontier |
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Definition
| a line on a production possibilities curve that shows the maximum possible output an economy can produce |
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Definition
| The use of resources in such a way as to maximize the output of goods and services |
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| The use of fewer resources than an economy is capable of using |
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Definition
| An economic principles stating that as production shifts from making one good or service to another, more resources are needed to increase production of the second good or service |
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