Any item that we desire, but is not necessary for survival.
A study of people and the choices they make to satisfy their wants / needs.
When you do not make an all or nothing decision, but in increments of just one more (or less).
Items within an economy like tools / buildings.
Physical items within an economy (i.e. desk, building, etc.)
As we shift from 1 good to another, the cost of the 2nd good increases.
The key economic problem; unlimited wants and needs, limited goods and services.
All of the possible alternatives to any given choice.
The effort that goes into any good or service.
Any point inside the line of a possibilities production curve.
Items that one needs for survival like food and water.
An individual who finds a new way to combine the factors of production to make a new good / service.
All of the natural resources provided by Earth.
Actions or activities that one person performs for another.
The knowledge and skills possessed by a person through education / experience.
When an economy shows up on the line of a Production Possibilities Curve.
The phrase that describes how a nation must choose between military and domestic goods.
The most desirable alternative we give up when making any choice.
Services
Scarcity
Labor
Economics
Needs
Thinking at the Margin
Goods
Entrepreneur
Opportunity cost
Trade Offs
Land
Efficiency
Want
Law of Increasing Costs
Underutilization
Physical Capital
Human Capital
Guns or Butter
