Economics Chapter 1

A thing that we desire to have

• Want

• Resource

• Need

• Scarcity

Anything that is used to produce goods or services.

• Resource

• Capital

• Goods

• Want

The condition in which our wants are greater than the resources available to satisfy those wants.

• Wants

• Needs

• Resource

• Scarcity

The most highly valued opportunity or alternative forfeited when a choice is made.

• Trade-off

• Opportunity Cost

• 2nd Option

• Choice

A situation in which more of one thing necessarily means less of something else.

• Opportunity cost

• Choice

• Resource

• Trade-off

A graphic representation of all possibilities combination of two goods that an economy can produce.

• Production possibilities frontier

• Production possibilities factors

• Passive possibilities frontier

• Passive possibilities factors

A means for deciding who gets what portion of the available resources and goods.

• Trade off device

• Rationing device

• Brute force

• Lottery System

In economics it means additional.

• Marginal

• Utility

• Good

• Incentive

Something that encourages or motivates a person to take action.

• Marginal

• Trade-off

• Incentive

• Society

The branch of economics that deals with human behavior and choices as they relate to relatively small units0 and individual, a business firm or a single unit.

• Macroeconomics

• Mediumeconomics

• Microeconomics

• Bigoeconmics