Economics Vocab

2. all the natural resources that are used to produce goods and services.
3. something that is necessary for survival (such as food and shelter)
5. any human-made resource that is used to create other goods and services.
7. all the alternatives we give up whenever we choose one course of action over another.
10. a cost or benefit that motivates a decision or action by consumers, businesses or other participants in the economy
11. The resources we use to produce goods and services are limited.
12. of Production The resources used to produce goods and services; also known as production inputs or resources
14. Human effort, including both physical and mental effort, used to produce goods and services.
16. Cost the most desirable alternative given up as a result of a decision.

1. Possibilities Frontier the line on a production possibilities curve that shows the maximum possible output.
4. The effort used to coordinate the factors of production--natural resources, labor, physical capital, and human capital--to produce and sell products.
6. a measure of the benefit provided by a good or service to an economic agent
8. a measure of net worth; that is, it is a measure of how much a person has in savings, investments, real estate and cash, less any debts.
9. a term in economics that refers to the total satisfaction received from consuming a good or service
11. a transaction in which no physical goods are transferred from the seller to the buyer.
13. something that is desired.
15. items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.