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| Any human-made source that is offered to create other products or services. You are watching: Limited quantities of resources to meet unlimited wants is a | |
| cost | To an economist, cost is an alternate that is given up as the an outcome of a decision. |
| economics | The 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) |
| efficiency | Using sources in together a means as to maximize the production of goods and also services. |
| entrepreneur | Leader who combines land, labor and capital to create and market new goods or services. |
| factors of production | Land, labor and captial; the three groups of resources that are provided to do all goods and also services. |
| goods | Physical objects together as clothes or shoes. |
| guns or butter | A 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 capital | The an abilities and knowledge gained by workers with education and also experience. |
| labor | The initiative that human being devote to a task for i beg your pardon they are paid. |
| land | Natural resources that are provided to do goods and services. |
| law of raising costs | As we change factors of manufacturing from do one great or service to another, the expense of developing the 2nd item increases. |
| need | Something favor air, food or shelter that is important for survival. |
| opportunity costs | The many desireable alternate given up as a an outcome of a decision. |
| physical capital | All 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. |
| scarcity | Limited quantities of resources to meet unlimited wants. |
| services | Actions or tasks one human performs because that another. |
| shortage | A 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 margin | Deciding whether to execute or usage one added unit of some resource. |
| trade-off | An alternate we sacrifice as soon as we make a decision |
| underutilization | Using fewer sources than an economic situation is capable of using. |
| want | An items that we desire but that is not essential to survival. |
| capitalism | An economic system in i beg your pardon a county's trade and also industry are controlled by exclusive business, fairly than the government. |
| democracy | A political system where the civilization rule, either straight or though elected representatives. |
| American dream | The classic social values of the unified States, such together equality, prosperity and democracy. |
| Meritocracy | The hold of power by world selected on the communication of their ability. See more: Death Of A Salesman Point Of View, Death Of A Salesman: Key Facts |
| consumer | A human being that uses commodities or services, particularly for personal needs. |
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