Economics Final

Desires that can be satisfied by consuming a good or service

• Wants

• Goods

• Positive Economics

• Opportunity Cost

Things necessary for survival (Food, Clothing, Housing)

• Services

• Needs

• Positive Economics

• Opportunity Cost

A situation that exists when there are not enough resources to meet human wants

• Producer

• Scarcity

• Marginal Cost

• Economics

The study of how people will choose to use their scarce resources in order to satisfy their wants

• Producer

• Economics

• Macroeconomics

• Marginal Benefit

Physical objects that can be purchased

• Services

• Needs

• Scarcity

• Goods

Work which one person performs for payment

• Services

• Goods

• Marginal Benefit

• Producer

A person who buys a good/service for personal use

• Consumer

• Utility

• Goods

• Factors of Production

A person who makes a good/service

• Marginal Cost

• Producer

• Needs

• Factors of Production

How we make things... Includes Land, Labor, Capital, and Entrepreneurship

• Efficiency

• Marginal Benefit

• Needs

• Factors of Production

The benefit or satisfaction gained from the use of a good/service

• Wants

• Factors of Production

• Services

• Utility