Economics- Vocab

2. all naturally occurring resources whose supply is inherently fixed
3. benefit the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service
5. a material that satisfies human wants and provides utility
7. involves a sacrifice that must be made to get a certain product or experience
11. the state of not being used enough or not used to full potential
12. states that society has insufficient productive resources to fulfill all human wants and needs
14. all who participate in production by their mental and physical effort
15. knowledge concerned with the production, consumption, and transfer of wealth
16. every resource is optimally allocated to serve each individual
17. at the margin to think about your next step forward
18. goods or services that are required

1. person who organizes and operates a business or businesses, taking on high financial risks in order to do so
4. possibilities curve hypothetical representation of the amount of two different goods
6. when the demand for a product or service exceeds its supply in a market
8. cost the value of the next-highest-valued alternative use of that resource
9. desires that can be satisfied by consuming a good, service or leisure activity
10. of production describes the inputs that are used in the production of goods or services in order to make an economic profit
12. activity where an immaterial exchange of value occurs
13. wealth in the form of money