Scarcity, Trade-offs, PPF
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| something like air, food, or shelter that is crucial for survival | show 🗑
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| show | want
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| show | economics
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| show | goods
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| actions or activities that one person performs for another | show 🗑
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| show | scarcity
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| show | shortage
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| show | factors of production
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| natural resources that are used to make all goods and services | show 🗑
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| show | labor
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| any human made resource that is used to create other goods and services: money or resources | show 🗑
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| all human-made goods that are used to produce other goods and services; machinery and buildings | show 🗑
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| the skills and knowledge gained by a worker through education and experience | show 🗑
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| ambitious leader who combines FOP to create and market new goods and services | show 🗑
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| show | trade-off
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| show | guns or butter
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| show | opportunity cost
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| deciding whether to do or use one additional unit of some resource; eliminating choices one by one | show 🗑
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| show | production possibilities graph
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| the line on a production possibilities graph that shows the maximum possible output; efficiency | show 🗑
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| using resources in such a way as to maximize the production of goods and services; very little to no waste FOP | show 🗑
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| show | underutilization
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| to an economist, this the alternative that is given up because of a decision; it can include time or opportunity | show 🗑
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| as we shift factors of production from making one good or service to another, the cost of producing the second item increases | show 🗑
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Created by:
kimberlygellise
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