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| choices necessitated because society's wants for goods and services aere unlimited but the resources to satisfy are limited |
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| C.E.L.L Land, Labor, Capital, Entrepreneurialship. Factors of production |
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| human made resources, building, machinery, etc, used to produce goods and services, goods that do not directly satisfy human wants |
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| the human resource that combines other resources to make a product, good, service |
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| use of all available resources to produce want-satisfying goods and services |
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| employment of available resources so that the maximum, or total, amount of goods and services are produced ; occurs when both productive efficiency and allocative efficiency are realized |
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| the production of a good in the least costly way; occurs when production takes place at the output |
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| the production of products that society wants; output at which its marginal cost and marginal benefit are equal |
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| products and services that satisfy human wants directly |
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| productions possibilities table |
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| productions possibilites curve |
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| a curve showing the different combinations of two goods or services that can be produced in a full employment, full production economy where the available supplies of resources and technology are fixed |
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| law of increasing opportunity cost |
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| principle that as the production of a good increases, the opportunity cost of producing an additional unit rises |
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| outward shit in the production possibilites curve that results from an increase in resource supplies or an improvement in technology; and increase of real output |
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| particular set of institutional arrangements and a coordinating mechanism for solving the economic problem; a method of organizing an economy, in which the market system and the command system are the two general type |
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