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Definition
| the use of science to develop new products and new methods for producing and distributing goods and services |
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| previously manufactured goods used to make other goods and services |
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| the amount of output that results from a given level of inputs |
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Definition
| when individuals take risks to develop new products and start new businesses in order to make profits |
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Term
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Definition
| resources of land labor capital and entrepreneurship used to produce goods and services |
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Definition
| natural resources and surface land and water |
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Definition
| human effort directed toward producing foods and services |
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Definition
| tangible objects that can satisfy peoples wants or needs |
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Definition
| actions that can satisfy peoples wants or needs |
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Term
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Definition
| basic economic problem that results from a combination of limited resources and unlimited wants |
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Definition
| a temporary version of scarcity |
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Term
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Definition
| the study of how people make choices about ways to use limited resources to fulfill their wants |
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| the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms |
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Term
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Definition
| sacrificing one food or service to purchase r produce another |
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Term
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Definition
| value of the next best alternative given up for the alternative that was chosen |
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Term
| production possibilities curve |
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Definition
| graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time |
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Term
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Definition
| an assumption involving two or more variables that must be tested for validity |
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Term
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Definition
| the prodution and distribution of goods and services in a society |
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Term
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Definition
| a theory or simplified representation that helps explain and predict economic behavior in the real world. |
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