Economics Concepts

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Goods

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Items that are tangible and can be used to satisfy human wants.

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Services

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Intangible activities or benefits that one party can offer to another.

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Factors of Production

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Resources used in the production of goods and services, typically including land, labor, and capital.

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PPF Curve

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Production Possibility Frontier; a curve depicting the maximum feasible amount of two commodities that a business can produce when those resources are allocated efficiently.

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Entrepreneur

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An individual who creates and operates a business, taking on financial risks to do so.

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Opportunity Cost

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The loss of potential gain from other alternatives when one alternative is chosen.

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Scarcity

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The limited nature of society's resources.

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Tradeoff

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A balance achieved between two desirable but incompatible features; a compromise.

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Diminishing Marginal Utility

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The decrease in satisfaction or usefulness from having one more unit of the same product.

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Efficiency

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The state of achieving maximum productivity with minimum wasted effort or expense.