Topic 1 - Scarcity

a consumer's desire for a product's or service's specific benefit

• need

• want

• capital

• efficiency

the desire for products or services that are not necessary, but which consumers wish for

• labor

• need

• want

• goods

resources and products that people demand

• shortage

• opportunity cost

• goods

• law of increasing costs

activities, benefits, and satisfactions which are offered for sale or are provided in connection with the sale of goods

• service

• trade-off

• physical capital

• human capital

the demand for a good or service is greater than the availability of the good or service

• labor

• efficiency

• need

• scarcity

the study of how people see to satisfy their needs and wants by making choices among scarce resources

• shortage

• entrepreneur

• cost/benefit anlaysis

• economics

running out of goods and prices go higher

• trade-off

• shortage

• want

• need

combine the three factors of production to produce good and services

• scarcity

• entrepreneur

• economics

• want

the effort people devote to tasks for which they are paid

• labor

• law of increasing cost

• efficiency

• shortage

any human-made resource that is used to produce other goods and services

• need

• goods

• capital

• physical capital