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| The inability to satisfy all wants at the same time. All resources and goods are limited, requiring a choice to be made. |
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| Factors of production that are used in the production of goods and services. Types include natural, human, capital, and entrepreneurship. |
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| The selection of an item or action from a set of possible alternatives because the goods and services are limited. |
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| What is given up when a choice is made - i.e., the highest valued alternative is not chosen |
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| The amount of money exchanged for a good or service. Determined by the interaction of supply and demand. |
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| Things that incite or motivate. They are used to change economic behavior. |
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| The act of buying or using goods and services |
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| Anything that is produced in an economy that is used to produce other goods and services |
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| The practical application of science to commerce or industry |
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