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