Chapter 1: What is Economics

Sacrificing one good or service to purchase or produce another

Land, labor, capital, and entrepreneurship

The production and distribution of goods and services in a society

Tangible items that people buy

The amount of output that results from a given level on inputs

A situation in which people do not have enough resources to satisfy every desire

Manufactured goods used to make other goods and services

Activities done for a fee

The work people do

A visual representation that helps explain and predict economic behavior