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Definition
| The study of scarcity and choice. |
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| Decisions by individuals about what to do and what not to do. |
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| A system for coordinating a society's productive and consumptive activities. |
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| The decisions of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in the decisions. |
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| Anything that can be used to produce something else. |
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| All resources that come from nature, such as minerals, timber, and petroleum. |
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| Manufactured goods used to make other goods and services. |
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| The efforts of entrepreneurs in organizing resources for production, taking risks to create new enterprises, and innovating to develop new products and production processes. |
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| Not available in sufficient quantities to satisfy all the various ways a society wants to use it. |
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| What you must give up in order to get an item. |
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Definition
| The study of how people make decisions and how those decisions interact. |
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Definition
| Concerned with the overall ups and downs in the economy. |
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Definition
| Economic measures that summarize data across many different markets. |
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Definition
| The branch of economic analysis that describes the way the economy actually works. |
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| Makes prescriptions about the way the economy should work. |
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Definition
| Provide simplified representations of reality such as graphs or equations. |
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