Economic Concepts and Consumer Rights

Consumer rights include....

Fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants.

Cost of the next best alternative use of money, time or resources when one choice is made rather than another

Item that wears out, is used up, or lasts for fewer than three years when used regularly

Alternative that must be given up when one choice is made rather than another

Diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed

Measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production

Tool, equipment, or other manufactured good used to produce other goods and services; a factor of production

Markets in which productive resources are bought and sold

Natural resources or “gifts of nature” not created by human effort; one of the four factors of production