The study of how to allocate scarce resources in the most effective way.
How to allocate scarce resources among alternative uses.
Factors of production
The resource inputs that are available in an economy for the production of goods and services.
Tangible products, i.e. products that can be seen and touched, such as cars, food and washing machines.
Intangible products, i.e. products that cannot be seen or touched, such as banking, beauty therapy and insurance.
Natural resources in an economy.