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| Lack of enough resources to satisfy al desired uses of those resources |
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Resource inputs used to produce goods and services, such as land capital, and entrepreneurship
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| Final goods produced for use in the production of other goods, equipment, structures |
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| The assembling of resources to produce new or improved products and technologies |
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Definition
The study of how best to allocate scarce resources among competing uses
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The most desired goods or services that are forgone to obtain something else
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Term
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Definition
The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology
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Term
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Definition
Maximum output of a good from the resources used in production
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Term
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Definition
A increase in output (real GDP); an expansion of productions possibilities
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Term
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Definition
The use of market prices and sales to signal desired outputs
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Definition
The doctrine of nonintervention by government in the market mechanism
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Definition
An economy that uses both market signals and government directives to allocate goods and resources
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Definition
An imperfection in the market mechanism that prevents optimal outcomes
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Definition
Government intervention that fails to improve economic outcomes
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Term
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Definition
The study of aggregate economic behavior, of the economy as a whole
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