something we desire but that is not necessary for survival, such as video games or stylish haicuts

physical objects that someone produces such as food, clothing, or video games

actions and activities that one person performs for one another such as medical care and haircuts

that fact that limited amounts of goods and services are available to meet unlimited wants

the study of how people seek to satisfy their needs and wants by making choices

when consumers want more of a good or service than producers are willing to make available at a particular price. May be temporary or long term

people who decide how to combine resources to create new goods and services. anyone who opens a business

the resources used to make all goods and services

all natural resources used to produce goods and services

the effort people devote to tasks for which they are paid

any human made resource that is used to produce other goods and services

human made objects used to create other goods and services

the knowledge and skills a worker gains through education and experience