Economics Chapter 1

the physical objects that someone produces

a person who decides how to combine resources to create goods and services

the study of how people seek to satisfy their needs and wants by making choices

the effort people devote to tasks for which they are paid

all natural resources used to produce goods and services

something that people desire but that is not necessary for survival

something that is necessary for survival

the resources that are used to make goods and services

the actions or activities that one person performs for another

the principle that limited amounts of goods and services are available to meet unlimited wants