Items/services desired but can live w/o

Factor that leads people to focus on actions/choices that promise the most personal benefit and involve least cost

Money earned through productive employment of resources

Person who sets income for future

Money earned through productive employment of resources

Resources needed to make goods/services. Natural resources, human labor, capital, entrepreneurial talent.

Total cost of production exceeds revenue

Combined system + flow of resources, production, consumption, and wealth that move in and out of households, businesses, and gov.

System where economic decisions are made in markets by ppl and businesses w little gov influence.

those who identify an opportunity + take a risk 2 innovate/start a business in order 2 create value + earn a profit.

Person who sets income for future

Money earned in excess of what it costs 2 produce goods/services.

Combined system + flow of resources, production, consumption, and wealth that move in and out of households, businesses, and gov.

Factor that leads people to focus on actions/choices that promise the most personal benefit and involve least cost

Combined system + flow of resources, production, consumption, and wealth that move in and out of households, businesses, and gov.

Factor that leads people to focus on actions/choices that promise the most personal benefit and involve least cost

Resources needed to make goods/services. Natural resources, human labor, capital, entrepreneurial talent

System where economic decisions are made in markets by ppl and businesses w little gov influence.

Person who sets income for future

those who identify an opportunity + take a risk 2 innovate/start a business in order 2 create value + earn a profit.

Combined system + flow of resources, production, consumption, and wealth that move in and out of households, businesses, and gov.

Person who sets income for future

Money earned through productive employment of resources

those who identify an opportunity + take a risk 2 innovate/start a business in order 2 create value + earn a profit.

Money earned in excess of what it costs 2 produce goods/services.

those who identify an opportunity + take a risk 2 innovate/start a business in order 2 create value + earn a profit.

Factor that leads people to focus on actions/choices that promise the most personal benefit and involve least cost

Total cost of production exceeds revenue

Resources needed to make goods/services. Natural resources, human labor, capital, entrepreneurial talent.

Person who sets income for future

those who identify an opportunity + take a risk 2 innovate/start a business in order 2 create value + earn a profit.

Person who sets income for future

Money earned through productive employment of resources

Factor that leads people to focus on actions/choices that promise the most personal benefit and involve least cost

Four factors of production

Resources needed to make goods/services. Natural resources, human labor, capital, entrepreneurial talent.

those who identify an opportunity + take a risk 2 innovate/start a business in order 2 create value + earn a profit.

Money earned in excess of what it costs 2 produce goods/services.

Model used to make decisions. problem, Alternatives, criteria, evaluation, decision

Division of things into shares or portions

spending plan based on income and expenses

Act of using resources to satisfy current needs and wants

Division of things into shares or portions

spending plan based on income and expenses

For any good or service the marginal utility of that good or service decreases as the quantity of the good increases

The rate at which a consumer would be willing to forgo a specific quantity of one good for more units of another good at the same utility

spending plan based on income and expenses

Model used to make decisions. problem, Alternatives, criteria, evaluation, decision

Act of using resources to satisfy current needs and wants

A maximum amount a consumer is willing to pay for an additional good or service

Act of using resources to satisfy current needs and wants

A maximum amount a consumer is willing to pay for an additional good or service

Model used to make decisions. problem, Alternatives, criteria, evaluation, decision

Division of things into shares or portions

Evaluation of the marginal benefit in comparison to the marginal cost

Division of things into shares or portions

spending plan based on income and expenses

The rate at which a consumer would be willing to forgo a specific quantity of one good for more units of another good at the same utility

A maximum amount a consumer is willing to pay for an additional good or service

Model used to make decisions. problem, Alternatives, criteria, evaluation, decision

The change in total production cost that comes from making your producing one more unit

For any good or service the marginal utility of that good or service decreases as the quantity of the good increases

The change in total production cost that comes from making your producing one more unit

Act of using resources to satisfy current needs and wants

For any good or service the marginal utility of that good or service decreases as the quantity of the good increases

The rate at which a consumer would be willing to forgo a specific quantity of one good for more units of another good at the same utility

Diminishing Marginal utility

For any good or service the marginal utility of that good or service decreases as the quantity of the good increases

Evaluation of the marginal benefit in comparison to the marginal cost

Act of using resources to satisfy current needs and wants

Division of things into shares or portions

Marginal rate of Substitution

The rate at which a consumer would be willing to forgo a specific quantity of one good for more units of another good at the same utility

For any good or service the marginal utility of that good or service decreases as the quantity of the good increases

Model used to make decisions. problem, Alternatives, criteria, evaluation, decision

Division of things into shares or portions

Comparative Advantage

When one trading partner can produce goods or services at lower opportunity cost then partner using available resources

An economic system entirely controlled by a small group of ruling Elites in government this group allocates all available resources

When each trading partner focuses on producing goods and services within a limited area of expertise

The institutional framework of formal and informal rules that a society uses to determine how to use available resources to produce and distribute goods and services

When one trading partner can produce more goods or services than another partner using the same amount of effort and other resources

An economic system in which decisions about production and consumption are driven in part by supply and demand and in part by government command and or traditional elements combining two or more types of economic systems

When each trading partner focuses on producing goods and services within a limited area of expertise

An economic system that leaves production consumption price decisions largely to Consumers and businesses people with only limited influence by government also known as a pure market economy

When each trading partner focuses on producing goods and services within a limited area of expertise

When one trading partner can produce goods or services at lower opportunity cost then partner using available resources

An economic system entirely controlled by a small group of ruling Elites in government this group allocates all available resources

An economic system in which decisions about production and consumption are driven in part by supply and demand and in part by government command and or traditional elements combining two or more types of economic systems

institutional framework of formal and informal rules that a society uses to determine how to use available resources to produce and distribute goods and services

When one trading partner can produce more goods or services than another partner using the same amount of effort and other resources

When one trading partner can produce goods or services at lower opportunity cost then partner using available resources

An economic system in which people rely on Traditions or social Customs to choose what how and for whom to make goods and services