| AB | |
| Any human-made resource that is offered to develop other products or services. You are watching: Natural resources that are used to make goods and services are considered | |
| cost | To an economist, expense is an alternate that is offered up as the result of a decision. |
| economics | The examine of how civilization satisfy their needs and wants by do choices. (Textbook definition) A social science pertained to with the way society chooses to rental its minimal resources, i beg your pardon have different uses, to produce goods and also services because that present and future consumption. (Class definition) |
| efficiency | Using resources in together a way as come maximize the production of goods and also services. |
| entrepreneur | Leader that combines land, labor and capital come create and market new goods or services. |
| factors that production | Land, labor and captial; the three teams of sources that are offered to do all goods and also services. |
| goods | Physical objects together as apparel or shoes. |
| guns or butter | A expression that describes the trade-off that nations face when picking whether come prodece more or less military or customer goods. |
| human capital | The skills and knowledge obtained by workers with education and also experience. |
| labor | The initiative that human being devote come a job for i beg your pardon they are paid. |
| land | Natural resources that are provided to make goods and also services. |
| law of enhancing costs | As we change factors of production from making one good or service to another, the expense of developing the second item increases. |
| need | Something favor air, food or sanctuary that is crucial for survival. |
| opportunity costs | The most desireable different given up together a result of a decision. |
| physical capital | All human-made products that are offered to develop other goods and sercies; tools and buildings |
| production possibilities curve (PPC) | A curve that shows alternate ways to use an economy's resources. |
| scarcity | Limited quantities of sources to meet unlimited wants. |
| services | Actions or activities one human being performs because that another. |
| shortage | A case in which a good or organization is unavailable, or a case in i beg your pardon the amount supplied, also known as excess demand. |
| thinking in ~ the margin | Deciding whether to carry out or usage one extr unit of part resource. |
| trade-off | An different we sacrifice once we do a decision |
| underutilization | Using fewer sources than an economy is capable of using. |
| want | An article that us desire yet that is not crucial to survival. |
| capitalism | An economic system in i m sorry a county's trade and also industry are regulated by private business, quite than the government. |
| democracy | A political device where the human being rule, either straight or though elected representatives. |
| American dream | The classic social values of the unified States, such as equality, prosperity and democracy. |
| Meritocracy | The holding of strength by people selected on the communication of their ability. See more: Where To Catch Ralts In Pokemon Y, How To Get Gallade In Pokémon X And Y |
| consumer | A human that uses commodities or services, particularly for personal needs. |
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