Choices
Something that we desire to have
Want
Anything that is used to produce goods or services
Resource
Teacher
Labor
All goods have this quality; they can be felt by touch
Tangible
This is the most common rationing device in the United States and most of the Western World
Money
The condition in which our wants are greater than the resources available to satisfy them
Scarcity
In Economics, this word is simply another way of saying "additional"
Marginal
Solar
Land
This is a tasks that people do for others
Services
This branch of economics deals with examining the choices of individuals, businesses, or individual countries
Micoreconomics
The science that studies the choices of people trying to satisfy their wants in a world of scarcity
Economics
An explanation of how something works, designed to answer a question for which there is no obvious answer
Theory
Car
Capital
This is a quality that it brings satisfaction or happiness
Utility
Something that encourages or motivates a person to take action. A paycheck could be one
Incentive
The next best choice that is given up in favor of the best choice
Opportunity Cost
A means for deciding who gets what portion of the available resources and goods
Rationing Device
Wood
Land
A tangible item; Anything that satisfies a person’s wants or brings satisfaction
Goods
Coming for the Greek root for "large", this is the word that describes the study of economics as it applies to the world as a whole
Macroeconomics
A situation in which having more than one thing necessarily means having less of something else
Trade-Off
Collectively, these four resources are known as the Factors of Production
Land, Labor, Capital, Entrepreneurship
Dan Cathy
Entrepreneurship
The quality of bringing dissatisfaction or unhappiness
Disutility
A graphic representation of all possible combinations of two goods that an economy can produce
Production Possibilities Frontier (PPF)