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| human made resources used to produce goods and services |
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| ecoomic units treated as if they were one |
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| goods that do not directly satisfy human wants |
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| products and services that satisfy human wants directly |
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| an out shift in the production possibilities curve due to an increase in resource supplies, quality, or an improvement in tech. or an increase of real output or real output per capita |
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| viewpoint that individuals make rational decisions by comaping arginal benefits and marginal costs |
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| generalization about economic behavior of individuals or institutions |
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| land, labor, capital, and entrepreneurial ability used in the production of goods and services |
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| study of howindividuals, institutions, and society make choices under scarcity |
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| the choices made based on the economies unlimited wants but the limited resources abailable |
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| human resource used to produce a product, ect |
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| economic resources, land, capital, labor, and entrepreneurial ability |
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| spending for the production and accumulation of capital and additions to inventories |
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| people's physical and mental talents and efforts that are used to help produce goods and services |
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| natural resources used to produce goods and services |
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| law of increasing opportunity cost |
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| principle that as production of good increases, the opportunity cost of producing an additional unit rises |
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| comparison of marginal benefits and marginal costs, decison making |
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| economics as individual units |
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| economics inbolbing balue judgments about what the economy should be like, policy economics |
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| the amount of other products that must be forgone or sacrificed to produce a unit of a product |
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Term
| other-things-equal assumption |
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| assumption that factors other than those being considered are held constant |
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| analysis of facts or data to establish scientific generalizations about economic behavior |
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| production possibilities curve |
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Definition
| curve that shows different combinations of two goods and services that can be produced in a combinations of two goods or services that can be produced |
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Term
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Definition
| the procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypotheses to obtain theories, principles, and laws |
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| want-satisfying power of a good or service, the satisfaction or pleasure a consumer obtains from the soncumption of a good or service |
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