econ final

When there are not enough resources to satisfy all the various ways a society wants to use them

• opportunity cost

• trade off

•  Scarcity   

• resource

An economic situation in which no individual would be better off doing something different.

• resource

• trade off

• equilibrium

• scarcity

The real cost of an item; what you must give up in order to get it.

• equilibrium

• money

• opportunity cost

• trade off

Anything that can be used to produce something else

• resource

• scarcity

• economics

• labor union

A comparison of costs and benefits of doing something

• trade off

• Cost-effective analysis
• Expense-reward evaluation
• Price-value comparison

The study of how people and societies use limited resources to satisfy unlimited wants.

• Biology
• Chemistry
• Economics
• Sociology

.  The resources used to produce goods and services. Labor and capital are examples

• Production factors
• Supply and demand
• Factors of production
• Means of production

The study of individual choice, and how that choice is influenced by economic forces

• Macroeconomics
• Microeconomics
• Psychology
• Sociology

.  It shows the maximum quantity of one good that can be produced for any given quantity produced of the other.

• Market Equilibrium
• Production Possibilities Frontier
• Supply and Demand
• Production Possibilities Curve

The study of an economy as a whole, which includes inflation, unemployment, business cycles, and growth

• Macroeconomics
• Astroeconomics
• Microeconomics
• Mesoconomics