product that's useful, relatively, scarce, and sellable

natural resources/land, labor, capital, entrepreneurship

division of labor

distributed resources

all the possible opportunities in a situation

extra cost of producing one additional unit of production

work or service preformed by another person

when things are owned by individuals, groups, or businesses

limited resources, unlimited wants

lan/natural resources, labor, capital, entrepreneurship

process for making decisions between trade-offs or alternate choices

compares the cost of an action to its benefit

buyers and sellers willingly engage in market transactions

distribute resources for a particular purpose

quality of life based on the ownership of necessities

all the possible opportunities

economic system where private citizens own and use factors of production to make profit

a regulation

central authority/ gov't makes all the economic decisions

gov't takes resources of those who have more and give it those who have less

a deregulation

doing a job effectively in the least amount of time and with less use of a resource

the value of the next big thing given up when someone is faced to make a choice bc of scarcity