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Definition
| is the condition that results for society not having enough resources to produce all the things the people would like to have. |
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Definition
| is what you can do with your time basically the 2nd best thing. |
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Definition
| an exchange that occurs as a compromise. |
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Term
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Definition
| Land, Labor, Capital, Entrepreneurship |
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Term
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Definition
| who the product is going to be made for. |
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Term
| Production Possibilities Curve |
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Definition
| is a hypothetical representation of the amount of 2 different goods that can be obtained by shifting resources from the productio of one to the production of the other. |
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Definition
| the additional satisfaction or utility that a person recieves from consuming an additional unit of a good or service. |
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Term
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Definition
| the increase or decrease in a cost as a result of one more or less unit of output. |
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Term
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Definition
| brings a structured a reasonable thought process to the act of deciding. |
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Term
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Definition
| takes place when factors of production perform tasks that they can do relatively more efficiently than others. |
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