Economics Vocab Final

Social science concerned with the way society chooses to employ its limited resources which have alternative uses to produce goods and services for present and future consumers

Things used in production

To take in or obtain

Physical objects used to satisfy wants and needs/Work or labor that is performed for someone else's benefit

Free market

People's government

System based on deeds

Cost of the next best choice

Alternatives that must be given up when one is chosen rather than another

Fundamental economic problem

Requirements to live

Way of expressing or communicating a need

The "what?", "where?", "who?", and "how?" in production
(Land, Labor, Capital, and Entrepreneurship)

Natural resources

Workers and their skills and abilities