| Term | Definition |
|---|
| Efficiency | using resources to there maximum level of production |
| Goods | Physical objects |
| Trade-offs | opportunities given up when one thing is chosen over another |
| Production Possibilities, or Graph | shows alternative ways to use an economy's productive resources. |
| Scarcity | implies limited quantities of resources to meet unlimited wants |
| Services | actions or activities by a person |
| Shortage | when producers will not or cannot offer goods or services |
| Opportunity Cost | most desireable alternative given up as the result of a cecision |
| Underutilization | using fewer resources than capable of using |
| Labor | paid effort |
| Factor of Production | factor resourcesw |
| Production Possibilities Frontier | shows combinations of the production |
Combine with other sets
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