Quiz 1: Scarcity and related Vocab.
Terms in this set (16)
Occurs when people do not have enough resources to produce everything they want
The study of how people make decisions about using limited resources
Unlimited - essential to your survival
Unlimited - something that you feel will make your life easier or better
The next best things you could have chosen
Measures how effective you are using your resources
The amount of money left over after all expenses are paid
The total amount of all final goods and services produced by a country in a single year
Limited - used to make goods or provide services to satisfy our wants and needs
A good that was produced to help produce other goods
A resource that involves people
A resource that comes from nature or is naturally found
A resource that is responsible for creating ideas on how to use other resources and takes the risk to create a product
The idea that forces us to make decisions because of our limited resources and unlimited wants/needs
The idea that you give up either money, time, or effort when you make a choice.
Measured by looking at how much output you have based on your input and during a set amount of time
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