Economic Scarcity

The act of selecting or making a decision when faced with two or more possibilities

decisions dictate how much to charge for goods and services in order to maximize profits.

refers to a worth that can be expressed in dollars and cents

The objects and actions that people value and produce to satisfy human wants.

The value of the next best alternative that must be forgone as a result of a decision

potential of employee knowledge, experience, and actions

A graph that shows alternative ways to use an economy's productive resources (guns and butter)

anything that is used to produce goods or services

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

A self-proprietor or one who creates and assumes all risks of a business

Limited quantities of resources to meet unlimited wants

A means for deciding who gets what portion of the available resources and goods

Land, Labor, Capital, Entrepreneurship