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| something that is necessary for survival |
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| item desired but not necessary for survival |
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| the study of how people seek to satisfy their needs and wants by making choices |
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| physical objects such as clothes or shoes |
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| actions or activities that one person performs for another |
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| limited quantity of resources to meet unlimited wants |
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| the resources that are used to make all goods and services |
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| natural resources that are used to make goods and services |
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| the effort that people devote to a task for which they are paid |
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| all human-made goods that are used to produce other goods/services |
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| the skills and knowledge gained by a worker through education and experience |
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| a risk-taker who uses land, labor, & capital to create new goods/services |
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| a graph that shows alternative ways to use an economy’s resources |
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Definition
| production possibilities curve |
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Term
| using resources in such a way as to maximize the production of goods/services |
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| an alternative that we sacrifice when we make a decision |
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| the value of the most desirable alternative given up as the result of a decision |
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| using fewer resources than economy is capable of using |
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| the ability to produce more of a given product using a given amount of resources |
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| the ability to produce a product most efficiently given all other products that can be produced |
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