Scarcity
The principle that limited amounts of goods and services are available to meet unlimited wants?
What is scarcity?
A person how decides how to combine resources to create goods and services.
What is an entrepreneur?
The act of giving up one benefit in order to gain another, greater benefit.
What is a trade-off?
The use of fewer resources than an economy is capable of using.
What is underutilization?
Something that people desire but that is not necessary for survival.
What is a want?
The Study of how people see to satisfy their needs and wants by making choices?
What is economics?
The resources that are used to make goods and services?
What are the Factors of Production?
The process of deciding whether to do or use one additional unit of some resource.
What is thinking at the margin?
An economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second goods or service.
What is the law of increasing cost?
The physical objects that someone produces?
What is a goods?
A situation in which consumers want more of a good or service than producers are willing to make available at a particular price.
What is a shortage?
All natural resources that are used to make goods and services?
What is land?
A phrase expressing the idea that a country that decides to produces more military goods has few resources to produce consumer goods.
What is "guns or butter"?
A graph that shows alternative ways to use an economy's productive resources.
What is a production possibilities curve?
Any human-made resource that is used to produce other goods and services.
What is capital?
Something essential for survival.
What is a need?
The effort people devote to tasks for which they are paid?
What is labor?
The most desirable alternative given up as the result of a decision.
What is an opportunity cost?
The use of resources in such a way as to maximize the output of goods and services.
What is efficiency?
The knowledge and skills a worker gain through education and experience.
What is human capital?
The actions or activities that one person performs for another.
What is a services?
The human-made objects used to create other goods and services.
What is physical capital
Term typically used by economists referring to an opportunity cost in a decision-making scenario.
What is a cost?
A line on a production possibilities curve that shows the maximum possible output an economy can produce.
What is a production possibilities frontier?
Represented by a point outside of the Production Possibilities Curve.
What is unattainable production with given resources?