EBF Economics Chapter 1 Vocab

Resources of land, labor, capital, and entrepreneurship used to produce goods and services.

Actions that can satisfy people's wants or needs.

Basic economic problem that results from a combination of limited resources and unlimited wants

Natural resources and surface land and water.

Tangible objects that can satisfy people's wants or needs.

Value of the next best alternative given up for the alternative that was chosen.

Branch of economic theory dealing with the economy as a whole and decision making by large unit

Graph showing the maximum combinations of goods and services that can be produced.

The branch of economic theory that deals with behavior and decision making by small units.

When individuals take risks to develop new products and start new businesses to make a profit.

Human effort directed toward producing goods and services.

Sacrificing one good or service to purchase or produce another.

Previously manufactured goods used to make other goods and services.

The study of how people make choices about ways to use limited resources to fulfill their wants

The amount of output (goods and services) that results from a given level of inputs.

The use of science to develop new products and new methods for producing and distributing goods