Scarcity and Economic Systems

Studies economic behavior as it is.

Involves judgment of what economic behavior ought to be.

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

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

Scottish political economist and moral philosopher.

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 additional cost of using one more unit of a product.

Are the resources needed to produce goods and services.

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

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

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

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

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

Is a market of goods or a provider of services.

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

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

Involves producing the maximum amount of goods and services possible.

Is a simplified representation of economics forces.

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

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

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

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

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

Means producing fewer goods and services that possible.

Are work that one person does for another.

Are methods used to encourage people to take certain actions.

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

Is a person who buys or uses goods or services.

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

Are things that are necesary for survival.

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