Scarcity and Economic Systems

Are desires that can be satisfied by consuming a good or a service.

Means producing fewer goods and services that possible.

the way society uses its scale resources tosatisfy its peoples unlimited wants.

Is the study of the economy as a whole and is concerned with large-scale economic activity.

Involves producing the maximum amount of goods and services possible.

Is the study of how individuals and societies satisfy their unlimited wants with limited resources.

Involves the vision, skills, and risk-taking needed to create and run a business.

Is all of the human efforts used to produce goods and services

Is the alternative people give-up when they make choices.

Are methods used to encourage people to take certain actions.

Are work that one person does for another.

Refers to all natural resources used to produce goods and services.

Is the additional satisfaction from using one more unit of a product.

Is the benefit or satisfaction received from using a good or service.

Studies economic behavior as it is.

Economic system in which familities, clans or tribus make economic decitions based on custms or beliefs.

Means to make decisions according to the best combination of costs and benefits.

Is the value of something that is given up to get something else that is wanted.

Are things that are necesary for survival.

Are the resources needed to produce goods and services.

Is a simplified representation of economics forces.

Is all of the resources made and used by people to produce goods and services.

Is the approach that weighs the benefits of an actions against its costs.

Involves judgment of what economic behavior ought to be.

Is a market of goods or a provider of services.

Is a graph used by economics to show the impact of scarcity on an economy.

Exists when there are not enough resources to satisfy human wants.

Is the additional cost of using one more unit of a product.

Is a person who buys or uses goods or services.

Scottish political economist and moral philosopher.

Are objects, such, as food, clothing, and furniture, that can be bought.

Is the study of individuals, families, and business in an economy.