Any human-made resource that is offered to develop other products or services.

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costTo an economist, expense is an alternate that is offered up as the result of a decision.
economicsThe 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)
efficiencyUsing resources in together a way as come maximize the production of goods and also services.
entrepreneurLeader that combines land, labor and capital come create and market new goods or services.
factors that productionLand, labor and captial; the three teams of sources that are offered to do all goods and also services.
goodsPhysical objects together as apparel or shoes.
guns or butterA expression that describes the trade-off that nations face when picking whether come prodece more or less military or customer goods.
human capitalThe skills and knowledge obtained by workers with education and also experience.
laborThe initiative that human being devote come a job for i beg your pardon they are paid.
landNatural resources that are provided to make goods and also services.
law of enhancing costsAs we change factors of production from making one good or service to another, the expense of developing the second item increases.
needSomething favor air, food or sanctuary that is crucial for survival.
opportunity costsThe most desireable different given up together a result of a decision.
physical capitalAll 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.
scarcityLimited quantities of sources to meet unlimited wants.
servicesActions or activities one human being performs because that another.
shortageA 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 marginDeciding whether to carry out or usage one extr unit of part resource.
trade-offAn different we sacrifice once we do a decision
underutilizationUsing fewer sources than an economy is capable of using.
wantAn article that us desire yet that is not crucial to survival.
capitalismAn economic system in i m sorry a county's trade and also industry are regulated by private business, quite than the government.
democracyA political device where the human being rule, either straight or though elected representatives.
American dreamThe classic social values of the unified States, such as equality, prosperity and democracy.
MeritocracyThe holding of strength by people selected on the communication of their ability.

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consumerA human that uses commodities or services, particularly for personal needs.