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Test 1
Macro Economics FSU
4
Economics
Undergraduate 2
03/15/2012
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Term
scarcity
 Definition
Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like
Term
Choice
 Definition
The act of selecting among alternatives
Term
Resource
 Definition
An input used to produce economic goods. Land, labor, skills, natural resources, and capitol are examples. Throughout history, people have struggled to transform available, but limited, resources into things they would like to have economic goods.
Term
Capital
 Definition
Human-made resources (Such as tools, equipment, and structures) used to produce other goods and services. They enhance our ability to produce in the future.
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