Vocab 1
Something that is essential for survival
Need
Occurs when consumers want more of a good or service than producers are willing to make available at a particular price
Shortage
Graph that shows alternative ways to use an economy's productive resources
production possibilites curve
Something that we desire but that is not necessary for survival
Want
The study of how people seek to satisfy their needs and wants by making choices
Economics
The use of resources in such a way as to maximize the output of goods and services
efficiency
Physical objects that someone produces, such as food, clothing, or video games
Goods
People who decide how to combine resources ro create new goods and services
Entrepreneur
Actions or activities that one person performs for another
Service
The Act of giving up one benefit in order to gain another, greater benefit
Trade off
The study of how people seek to satisfy their needs and wants by making choices
Economics
The most desirable alternative somebody gives up as the result of a decision
Opportunity cost