A condition facing all the societies because there are not enough productive resources to satisfy people's unlimited wants.
The study of how people use their scarce resources to satisfy their unlimited wants
The physical and mental effort used to produce goods and services
(factors of production) The inputs used to produce the goods and services that people want
All human creations used to produce goods and services; for example, factories, trucks, and machines
Something not physical that requires scarce resources to produce and satisfies human wants - intangible
An item you can see, feel, and touch; requires scarce resources to produce; and satisfies human wants
The broad category of human efforts, both physical and mental, used to produce goods and services.
The value of any alternative that you much give up when you make an economic choice.
Production possibility Frontier
All possible combinations of two goods that can produce in a certain period of time, under the condition of present techonlogy. No umemployed resources and efficient production.