Scarcity, Trade-offs, PPF
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| something like air, food, or shelter that is crucial for survival | need
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| an item that we desire but that is not essential to survival | want
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| the study of how people seek to satisfy their needs and wants by making choices | economics
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| physical objects such as clothes or shoes | goods
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| actions or activities that one person performs for another | services
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| limited quantities of resources to meet unlimited wants | scarcity
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| a situation in which a good or service is unavailable | shortage
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| land, labor and capital | factors of production
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| natural resources that are used to make all goods and services | land
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| the effort that people devote to a task for which they are paid | labor
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| any human made resource that is used to create other goods and services: money or resources | capital
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| all human-made goods that are used to produce other goods and services; machinery and buildings | physical capital
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| the skills and knowledge gained by a worker through education and experience | human capital
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| ambitious leader who combines FOP to create and market new goods and services | entrepreneur
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| an alternative that we sacrifice when we make a decision | trade-off
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| phrase referring to the trade-offs that nations face when choosing whether to produce more or less military or consumer | guns or butter
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| the most desirable alternative given up as the result of a decision | opportunity cost
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| deciding whether to do or use one additional unit of some resource; eliminating choices one by one | thinking at the margin
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| a graph that shows alternative ways to use an economy's resources | production possibilities graph
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| the line on a production possibilities graph that shows the maximum possible output; efficiency | production possibilities curve
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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 | efficiency
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| using fewer resources than an economy is capable of using; inefficient use of FOP | 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 | cost
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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 | law of increasing costs
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