Not enough resources to produce all of societies wants

basic requirements for survival

The means of expressing a need

land, labor, capital, entrepreneurship

natural resources

tools to produce goods

money used to buy tools

people's works to produce goods

risk takers in search of profits

process of creating goods and services

dollar amount of all goods and services produced in a country for one year

goods and services that are useful

a tangible commodity

goods used by an individual

goods used to produce a produce (product?)

a worth than can be expressed as a dollar value

work that is performed for someone

contradiction between high values for non-essential and low values for essential goods

the capacity of the good to be useful to someone

the sum of one's goods

where buyers and sellers meet

market where productive resources are bought and sold

market where PRODUCTS are bought and sold

when total outputs of gods and services increase over time

efficient use of productive resources

each worker has one job

performing a specific task

the sum of people's skills, ability, health, and motivation

events that happen in one part of the country that effect on what happens elsewhere

alternative choices

the cost of the next best alternative

combination of goods an economy can produce

comparing costs of an action to benefits received

market where buyers and sellers have the freedom to operate with little government control

quality of life