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Scarcity is essentially a shortage of supply. When something is scarce there value skyrockets due to the low amount.
For example diamonds are scares with is what makes them so valuable. If diamonds were abundant they would be a lot cheaper.

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The first factor of production is land, this includes any natural resource used to produce goods and services. The second factor of production  Labor is the effort that people contribute to the production of goods and services.  The third factor of production is capital wtich includes machinery, tools and buildings people use to produce goods and services.

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Factors of production include land are essentially the medium in witch a good or service is produced which includes , labor, capital and entrepreneurship.

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A hypothetical representation of the amount of two goods that can be acquired by shifting from production of one good, to the production of the other good.

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A curve describing all maximum outcomes possibilities for two goods. This curve assumes that all inputs are used correctly.

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A service from an economical standpoint is a task or action that a person does for another person. Services are the people who do things such as help, work for, pamper and heal us.

Example: Hairdressers, doctors, dentists, mail man, and teachers.

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Goods are known as the items we utilize, such as spices, fruits, clothing pieces, or writing tools. Goods can we transferred and sent from state to state or even from country to country. California sends many goods to other states and countries.

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Future planning, looking forward as you plan.
For example, planning out were a product will be sold and what convenient steps can be taken.

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Efficiency could be when products serve their purpose in the best way possible. Waste is minimized and goods are produced at a low cost.

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When something is not being used a lot.

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The combination of gains and losses of goods.
Cost information can be used to increase gains. It's a way of keeping track how much was gained and lost after taking a certain action.

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Wants from an economical standpoint are desires you feel the need to have in order to be pleased by utilizing a good or service.

Examples: Typical things that people want, especially in our society today, would be things like money, fame, or designer clothing.

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A potential choice chosen over all other alternative choices that brought lose instead of gain.

For example, a nation could chose to invest their money in products that may not be as reliable as other products.

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Needs from an economical viewpoint are personal and physiological needs that are actually necessary to get through your life on a daily basis.
Example of needs: Food, water, shelter, stability in financial, stability physically/health.

The basic idea is that needs are more important than wants in our economy because we as humans can survive without our wants being present. Needs not being provided can actually fatally affect our society if we were to lose all source of water or nutrients.

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Goods that are important for a nations long-term economic growth and stability, versus army supplies that can help us win a war.

For example, a nation has to choose between two options when spending its finite resources.

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Product cost increases when production increases.
Cost for production increases when more is produced, therefore, the product's price also increases.

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A compromise that reduces the amount of a product to gain more of a different product.

For example, you can waste your $40 dollars in exchange for some gasoline.

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A promoter is a necessary factor in exchangement of products.

For example, Bill gates is an entrepreneur for the company Microsoft.

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Shortages of goods and services drive economic growth by creating demand. For example, after hurricane Katrina Hadi had a shortage of adequate lumber during the rebuilding process, due to the demand for adequate lumber countries all over the world were making great prophets selling lumber to Hadi.

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the branch of knowledge concerned with the production, consumption, and transfer of wealth.