Econ Ch 1 Test

Resources that are used to make goods and services; land, labor, capital

The actions or activities that one person performs for another

Situation in which consumers want more of a good than the producer is willing to make at a particular price

Physical object that someone produces

Person who decides how to combine resources to create goods or services

The act of giving up one benefit in order to gain another, greater benefit

Study of how people seek to satisfy their wants/needs by making choices

The use of resources in such a way that maximizes the output of goods and services

The use of fewer resources than an economy is capable of using

The knowledge and skills a worker gains through education and experience