wants - desires, needs - necessities, scarcity - exists when there are not enough resources to satisfy human wants, economics - study of how individuals and societies satisfy their unlimited wants with limited resources, goods - objects, such ad food, clothing, and furniture, that can be bought, services - work that one person does for another, consumer - a person who buys or uses goods or services, producer - maker of goods or a provider of services, factors of production - resources needed to produce goods and services, land - refers to all natural resources used to produce goods and services, labor - all of the human effort used to produce goods and service, capital - all of the resources made and used by people to produce goods and services, entrepreneurship - the vision, skills and risk-taking needed to create and run businesses, incentives - methods used to encourage people to take certain actions, utility - benefit or satisfaction received from using a good or service, economize - make decisions according to the best combination of costs and benefits, trade-off - the alternative people give up when they make choices, opportunity cost - the value of something that is given up to get something else that is wanted, cost-benefit analysis - an approach that weighs the benefits of an action against its cost, marginal cost - additional cost of using one more unit of a product, marginal benefit - additional satisfaction from using one more unit of a product, economic model - simplified representation of economic forces, production possibilities curve - graph used by economists to show the impact of scarcity on an economy, efficiency - producing the maximum amount of goods and services than possible, underutilization - producing fewer goods and services than possible, law of increasing opportunity costs - as production switches from one product to another, increasing amounts of resources are needed to increase the production of the second product, statistics - information in numerical form, microeconomics - study of individuals, families, and businesses in an economy, macroeconomics - study of the economy as a whole and is concerned with larger-scale economic activity, positive economics - studies economic behavior as it is,

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