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| the study of how best to allocate scarce resources among competing uses. |
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| the assembling of resources to produce new or improved products and technologies |
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| the alternative combinations of final goods and services that could be produced in a given period with all avialabelle reocourses and technology. |
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| the doctrine of leave it alone of nonintervention by gov. in the market mechanism. |
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| the study of aggregate economic behavior, of the economy as a whole |
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| the assumption of nothing else changing |
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| A perspective on economics that incorporates subjectivity within its analyses. It is the study or presentation of "what ought to be" rather than what actually is |
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| A relationship between two numbers in which an increase in the value of one number results in a decrease in the value of the other number. |
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| resource inputs used to produce goods and services:land labor capital entrepeneurship |
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| final goods produced for use in the production of other goods: equitment, structures. |
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| max output of a good from the resources used in production |
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Definition
| lack of enough resources to satisfy all desired uses of those rescources |
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