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Terms in this set (93)
The satisfaction one receives from a good.
Anything from which individuals receive disutility or dissatisfaction.
Anything from which individuals receive utility or satisfaction.
The dissatisfaction one receives from a bad.
All naturals resources, such as minerals, forests, water, and unimproved land.
The physical and mental talents people contribute to the production process.
Produced goods that can be used as inputs for further production, such as factories, machinery, tools, computers, and buildings.
The particular talent that some people have for: organizing the resources of land, labor, and capital to product goods. Seeking new business opportunities. Developing new ways of doing things.
The condition in which our wants are greater than the limited resources available to satisfy those wants.
The most highly valued opportunity or alternative forfeited when a choice is made.
The science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants.
A means for deciding who gets what portion of the available resources and goods.
Additional benefits received when one more unit of a product is produced.
Additional costs of producing an additional unit of a good or service.
Decisions at the Margin
Decision making characterized by weighing the additional (marginal) benefits of a change against the additional (marginal) costs of a change with respect to current conditions.
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