A condition facing all the societies because there are not enough productive resources to satisfy people's unlimited wants.
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Economics
The study of how people use their scarce resources to satisfy their unlimited wants
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Labour
The physical and mental effort used to produce goods and services
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Productive Resources
(factors of production) The inputs used to produce the goods and services that people want
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Capital Good
All human creations used to produce goods and services; for example, factories, trucks, and machines
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Service
Something not physical that requires scarce resources to produce and satisfies human wants - intangible
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Good
An item you can see, feel, and touch; requires scarce resources to produce; and satisfies human wants
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Human Resources
The broad category of human efforts, both physical and mental, used to produce goods and services.
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Opporunity cost
The value of any alternative that you much give up when you make an economic choice.
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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.
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