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the condition that results from society not having enough resources to produce all things people would like to have

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The paradox of value (also known as the diamond–water paradox) is the apparent contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market.

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sum total of all the buyers and sellers in the area or region

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Machinery and equipment to produce products

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The cost of doing something

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Doesn't last longer than 3 years if used regularly

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Last longer than 3 years of used regul

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Most preferred alternative. A sacrifice must be made to get a certain product

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Is simply something we would like to have but is not necessary for survival

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the loss of potential gain from other alternatives when one alternative is chosen.
By:Jake Trujillo

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Work performed for someone

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The division of labor is the separation of tasks in any economic system so that participants may specialize

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the regard that something is held to deserve; the importance, worth, or usefulness of something.

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ALL alternative choices when making economic decisions.

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The basic requirements for survival. Such as food, clothing, water, and shelter.

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A capacity to to be useful and satisfy.

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Good intended for final use by individual, such as shoes, a shirt, or an automobile

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The study of how people try to satisfy seemingly unlimited and competing needs and wants through the careful use of relatively scarce resources.

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Apparent contradiction between the high value of a nonessential item and the low value of and essential item

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unable to be touched or grasped; not having physical presence.

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Division of labor-participants in any economic system must be part of a trading network to obtain the products they cannot produce efficiently for themselves

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Means by which something is produced.

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Workers, who apply skills to produce by Sean pavlicek

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A model that represents economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

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a person who organizes and operates a business taking on greater than normal risks in order to do so.

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Limited natural resources not created by humans

By Lennon Cancino

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Gross domestic product by Ashley Villagomez

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Gross domestic product by Ashley Villagomez

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the total value of goods produced and services provided in a country during one year.