12th-Economics-Ch 1.1-1.2 Terms

Desires that can be satisfied by consuming a good or a service

Involves the vision, skills, and risk-taking needed to create and run businesses

Is all the human effort used to produce goods and services

A maker of goods or a provider of services

Work that one person does for another

Things that are necessary for survival

The benefit or satisfaction received from using a good or service

The additional satisfaction from using one more unit of a product

The alternative people give up when they make choices

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

Refers to all natural resources used to produce goods and services

All of the resources made and used by people to produce goods and services

Methods used to encourage people to take certain actions

A person who buys or uses goods or services

The resources needed to produce goods and services

Exits when there are not enough resources to satisfy human wants

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

Objects, such as food, clothing, and furniture, that can be bought

An approach that weighs the benefits of an action against its costs

The additional cost of using one more unit of a product

The value of something that is given up to get something else that is wanted