essential for survival

actions or activities that one person performs for someone else

physical objects that someone produces

a desire but that is not necessary for survival

use of resources that maximizes output

natural resources used to produce goods and services

resources that are used to make goods and services

effort people devote to tasks for which they are paid

choices people make to satisfy their needs and wants

act of giving up one benefit to gain a greater benefit

the additional positive gain after adding one unit

next best desirable alternative that was given up because of a decision

limited amount of goods and services are available to meet unlimited wants

what it takes to produce one or more unit of a good or service