Term
|
Definition
| something essential for survival |
|
|
Term
|
Definition
| something that people desire but that is not necessary for survival |
|
|
Term
|
Definition
| the physical objects that someone produces |
|
|
Term
|
Definition
| the actions or activities that one person performs for another |
|
|
Term
|
Definition
| the principle that limited amounts of goods and services are available to meet unlimited wants |
|
|
Term
|
Definition
| the study of how people seek to satisfy their needs and wants by making choices |
|
|
Term
|
Definition
| a situation in which consumers want more of a good or service than producers are willing to make available at a particular price |
|
|
Term
|
Definition
| a person who decides how to combine resources to create goods and services |
|
|
Term
|
Definition
| the resources that are used to make goods and services |
|
|
Term
|
Definition
| all natural resources used to produce goods and services |
|
|
Term
|
Definition
| any human-made resource that is used to produce other goods and services |
|
|
Term
|
Definition
| the human-made objects used to create other goods and services |
|
|
Term
|
Definition
| the knowledge and skills a worker gains through education and experience |
|
|
