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Unit 1 Economics

Loss of other alternatives when one alternative is chosen
Condition that is created by people's seemingly unlimited wants and relatively limited resources
Resources required to produce the things we would like to have
Something we would like to have but is not necessary for survival
People with all their efforts, abilities and skills
Shows combinations of goods or services that can be produced when all productive resources are used
Risk takers in search of profits who start a new business or bring new products into the market
Balance achieved between two desirable but incompatible features
A basic requirement for survival like food, shelter, clothing
Motivates or encourages someone to do something
Tools, equipment, machinery, and factories used in the production of goods and services
"gifts from nature" or natural resources