Term
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Definition
| the study of how people make choices about ways to use limited resources to fulfill their wants |
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Term
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Definition
| the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms |
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Definition
| the branch of economic theory dealing with the economy as a whole and decision making by large units such as governments |
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Term
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Definition
| basic economic problem that results from a combination of limited resources and unlimited wants |
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Term
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Definition
| resources of land labor capital and entrepreneurship used to produce goods and services |
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Definition
| natural resources and surface land and water |
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Term
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Definition
| human effort directed toward producing goods and services |
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Term
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Definition
| tangible objects that can satisfy people wants and services |
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Term
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Definition
| tangible objects that can satisfy peoples wants or needs |
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Term
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Definition
| previous manufactured goods used to make other goods and services |
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Term
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Definition
| the amount of output goods and services that results from a given level of inputs |
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Definition
| when individuals take risk to develop new products and start new businesses in order to make profits |
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Term
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Definition
| the use of science to develop new products and new methods for producing and distributing goods and services |
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