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| Ambitous leader who combines land, labor & capital to create and market new goods & services |
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| Skills & knowledge gained by a worker through education and experience |
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| All human made goods that are used to produce other goods and services, for example: tools & buildings |
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| Any human-made resource that is used to create other goods & services |
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| Effort that people devote to a task for which they are paid |
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| Natural resources used to produce goods & services. Example: forests, water, and soil |
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| Land, Labor & Capital are referred to as this |
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| A situation when a good or service is unavailable |
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| Limited quantities of resources to meet unlimited wants |
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| Actions or activities that one person performs for another. Example: dentist, consulting |
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| Physical objects such as clothes or shoes |
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| An alternative that we sacrifice when we make a decision |
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| A phrase that refers to the trade-offs that nations face when choosing whether to produce for or less military or consumer goods |
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| The mose desirable alternative given up as the result of a decision |
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| Production Possibilities Curve |
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| A graph that shows alternative ways to use an economy's resources |
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| Production Possibilities Frontier |
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| The line on a production possibilities graph that shows the minimum possibilities output |
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| Using resources in such a way as to maximize the production of goods & services |
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| Law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases |
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