Any human-made source that is offered to create other products or services.

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costTo an economist, cost is an alternate that is given up as the an outcome of a decision.
economicsThe examine of how world satisfy their needs and also wants by do choices. (Textbook definition) A social science pertained to with the method society chooses to rental its restricted resources, i beg your pardon have alternate uses, to develop goods and services because that present and also future consumption. (Class definition)
efficiencyUsing sources in together a means as to maximize the production of goods and also services.
entrepreneurLeader who combines land, labor and capital to create and market new goods or services.
factors of productionLand, labor and captial; the three groups of resources that are provided to do all goods and also services.
goodsPhysical objects together as clothes or shoes.
guns or butterA expression that refers to the trade-off that nations face when picking whether come prodece much more or much less military or customer goods.
human capitalThe an abilities and knowledge gained by workers with education and also experience.
laborThe initiative that human being devote to a task for i beg your pardon they are paid.
landNatural resources that are provided to do goods and services.
law of raising costsAs we change factors of manufacturing from do one great or service to another, the expense of developing the 2nd item increases.
needSomething favor air, food or shelter that is important for survival.
opportunity costsThe many desireable alternate given up as a an outcome of a decision.
physical capitalAll human-made items that are used to develop other goods and sercies; tools and buildings
production possibilities curve (PPC)A curve that shows alternative ways to usage an economy's resources.
scarcityLimited quantities of resources to meet unlimited wants.
servicesActions or tasks one human performs because that another.
shortageA instance in i m sorry a good or company is unavailable, or a case in i m sorry the quantity supplied, also known together excess demand.
thinking at the marginDeciding whether to execute or usage one added unit of some resource.
trade-offAn alternate we sacrifice as soon as we make a decision
underutilizationUsing fewer sources than an economic situation is capable of using.
wantAn items that we desire but that is not essential to survival.
capitalismAn economic system in i beg your pardon a county's trade and also industry are controlled by exclusive business, fairly than the government.
democracyA political system where the civilization rule, either straight or though elected representatives.
American dreamThe classic social values of the unified States, such together equality, prosperity and democracy.
MeritocracyThe hold of power by world selected on the communication of their ability.

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consumerA human being that uses commodities or services, particularly for personal needs.