the study of the choices people make to satisfy their unlimited needs and wants by using limited resources
a person who studies the choices made withun an economic system.
is the study of indiividual economic actors. example, it may be the study of your household budget
is the study of multiple economic actors.
are the people businesses, and house holds thta use products.
any person or thing that makes a product to be consumed
a good must to be a tangible item. finished product
action that is done for you
is anything a person or enity uses to produce a good.
4 factors of production
the physical items and human efforts required to make a product
unaltered gift from nature
is any physical or mental action which is performed in the production of a good
is any finised product which has value but is used to produced a diffrent item
the process of creating a new business
the availbility of a need or wnat determines is scaisky . when s resoiurce or product.
any skill or innovation thta creates someyhing neww or old modifies existing items
Production Possibilities Curve
all the possible combonations that a producer may produce of two distinct product
simplified version of reality
the use of the smallest amount of resources to gain the greatest amount of output
things given up to obtain something else
the loss of the next best alternative when resources have been used up