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Definition
| Fundamental problem facing all societies that results from a combination of scarce resources and people's virtually unlimited wants. |
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Definition
| Cost of the next alternative use of money, time, or resourses when one choice is made rather than another. |
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Definition
| Socical Science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarece resources. |
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Definition
| A reciprocal relation between interdependent entities |
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Definition
| way of thinking that compares that cost of an action to its benefits |
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Definition
| apparent contradiction between the high value of nonessentials and low valus of essentials |
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Term
| Production possibilities frontier |
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Definition
| diagram representing mazimum cominations of goods and/ or services an economy can produce when all productive resources are fully employed |
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Definition
| assinment of tasks so that each worker performs fewer functions more frequently |
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Term
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Definition
| ability or capacity of a good or service to be useful and give satisfaction to someone |
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