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Definition
| fundamental economic problem of meeting people's virtually unlimited wants and needs with scarce resources |
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| social science dealing with how people satisfy seemingly unlimited needs and wants with scarce resources |
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Definition
| basic requirement for survival |
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| something we would like to have but its not necessary for survival |
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Term
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Definition
| tangible economic product that is useful |
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Term
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Definition
| good that lasts for at least 3 years |
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| good that wears out or does not last at least 3 years |
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Term
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Definition
| good intended for final use by consumers other than businesses |
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Term
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Definition
| tool, equipment, or other manufactured good used to produce other goods |
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| ability or capacity of a good or service to be useful and give satisfaction to someone |
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Definition
| monetary value of all final goods, services and structures produced within a country's national borders during a one year period |
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Definition
| productive resources needed to produce goods; the four factors are land, capital, labor and entrepreneurship |
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Term
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Definition
| natural resources or "gifts of nature" |
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Definition
| tools, equipment and factories used in production of goods and services |
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| people with all their abilities and effort |
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| risk taking individuals who introduces new products or services in search of profits |
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Term
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Definition
| cost of the next best alternative use of money, time or resources when one choice is made instead of another |
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Definition
| alternative that must be given up when one choice is made instead of another |
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Term
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Definition
| division of work into a number of separate tasks to be performed by different workers |
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Term
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Definition
| quality of life based on ownership of necessities and luxuries that make life easy |
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