Desires that can be satisfied by consuming a good or a service.

Things that are necessary for survival.

Exists when there are not enough resources to satisfy human wants

The study of how individuals and societies satisfy their unlimited wants with limited resources.

Objects, such as food, clothing, and furniture, that can be bought.

Work that one person does for another.

A person who buys or uses goods or services.

A maker of goods or a provider of services.

The resources needed to produce goods and services.

All natural resources used to produce goods and services.

All of the human effort used to produced goods and services.

All of the resources made and used by people to produce goods and services.

Involves the vision, skills, and risk-taking needed to create and run businesses.

Methods used to encourage people to take certain actions.

The benefit or satisfaction received from using a good or service.

Make decisions according to the best combination of costs and benefits.

The alternative people give up when they make choices.

The value of something that is given up to get something else that's wanted.

The approach that weighs the benefit of an action against its costs.

the additional cost of using one more unit of a product.

A simplified representation of economic forces

A graph used by economists to show the impact of scarcity on an economy.

Producing the maximum amount of goods and services possible.

Producing fewer goods and services than possible.

As production switches from one product to another, increasing amounts of resources are needed to increase the production of the second product.

Information in numerical form.

The study of individuals, families, and businesses in an economy

The study of the economy as a whole and is concerned with large-scale economic activity.

Studies economic behavior as it is.

Involves judgments of what economic behavior out to be.