Economics Vocab

4. The amount of satisfaction or "usefulness" a person gets from a good or service.
6. The fundamental condition where human desires are unlimited, but the resources (land, time, energy) are finite.
8. The "risk-takers" who combine land, labor, and capital to produce.
11. The brain’s limited "processing power" for making decisions and exercising self-control.
14. A legal limit on the quantity of a good that can be imported.
16. The ability to produce more of a good or work faster than someone else using the same resources.
17. How much of a good or service is available.
18. When the brain focuses so hard on one immediate "lack" that it ignores everything else.

1. The extra satisfaction you get from consuming one more unit of a product.
2. An economic system where individual consumers and businesses make decisions based on self-interest.
3. The ability to produce a good at a lower opportunity cost than another producer
5. The value of the next-best alternative given up when a choice is made.
7. Tools, factories, and technology used to make goods.
9. Focusing 100% on what you are relatively best at to increase total production.
10. A tax on imported goods designed to protect domestic industries.
12. An economic system where a central authority (government) makes the major economic decisions
13. The desire, ability, and willingness to buy a product
15. The organized way a society provides for the wants and needs of its people.