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simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram

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meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global

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mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation

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division of work into a number of separate tasks to be performed by different workers; same as specialization

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alternative that must be given up when one choice is made rather than another

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monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period

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

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monetary worth of a good or service as determined by the market

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Diagram representing all possible combinations of goods and services an economy can produce when all productive resources are fully employed

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Diagram representing all possible combinations of goods and services an economy can produce when all productive resources are fully employed

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Diagram representing all possible combinations of goods and services an economy can produce when all productive resources are fully employed

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Cost of the next best alternative use of money, time, or resources when one choice is made rather than another

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Risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production

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People with all their abilities and efforts; one of the four factors of production

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Tools, equipment, and factories used in the production of goods and services; one of the four factors of production

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Natural resources or “gifts of nature” not created by human effort; one of the four factors of production

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Ability or capacity of a good or service to be useful and give satisfaction to someone

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Work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment

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Good intended for final use by consumers other than business

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Tool, equipment, or other manufactured good used to produce other goods and services; a factor of production

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Item that wears out, is used up, or lasts for fewer than three years when used regularly.

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Good that lasts for at least three years when used regularly.

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Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.

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Something we would like to have but is not necessary for survival

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Basic requirement for survival, including food, clothing, and shelter

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Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources

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Fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants.